Gold Movement
Gold prices traded lower by 0.23% against the USD in the 24-hour period ending 23:00GMT, at 1215.30 per ounce, after the US manufacturing activity index surprisingly advanced in May.
In the Asian session, at GMT0300, the pair is trading at 1217.50, with the gold trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 1209.50, and a fall through could take it to the next support level of 1201.50. The pair is expected to find its first resistance at 1224.20, and a rise through could take it to the next resistance level of 1230.90.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
