Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.76% against the USD and closed at USD1506.40 per ounce, after weak US economic data boosted possibilities of an interest rate cut by the Federal reserve.
In the Asian session, at GMT0300, the pair is trading at 1504.60, with gold trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 1494.37, and a fall through could take it to the next support level of 1484.13. The pair is expected to find its first resistance at 1510.87, and a rise through could take it to the next resistance level of 1517.13.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
