Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.54% against the USD and closed at USD1330.80 per ounce, as the greenback strengthened following easing worries over US-China trade war.
In the Asian session, at GMT0300, the pair is trading at 1334.70, with gold trading 0.29% higher against the USD from yesterday’s close, after the US President, Donald Trump, proposed new tariffs on China, reigniting fears over a potential trade war between the two economies.
The pair is expected to find support at 1328.23, and a fall through could take it to the next support level of 1321.77. The pair is expected to find its first resistance at 1338.93, and a rise through could take it to the next resistance level of 1343.17.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
