Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.23% against the USD and closed at USD1293.90 per ounce, amid rise in global equities and following upbeat US retail sales data.
In the Asian session, at GMT0400, the pair is trading at 1295.90, with gold trading 0.15% higher against the USD from yesterday’s close.
The pair is expected to find support at 1291.27, and a fall through could take it to the next support level of 1286.63. The pair is expected to find its first resistance at 1299.87, and a rise through could take it to the next resistance level of 1303.83.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
