Gold Movement
For the 24 hours to 23:00 GMT, Gold slightly declined against the USD and closed at USD1244.90 per ounce, amid enhanced expectations of another Fed interest rate hike by the year end.
In the Asian session, at GMT0300, the pair is trading at 1246.60, with the gold trading 0.14% higher against the USD from yesterday’s close.
The pair is expected to find support at 1242.87, and a fall through could take it to the next support level of 1239.13. The pair is expected to find its first resistance at 1249.87, and a rise through could take it to the next resistance level of 1253.13.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
