Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.22% against the USD and closed at USD1511.60 per ounce on Friday, following better-than-expected US non-farm payrolls data.
In the Asian session, at GMT0400, the pair is trading at 1514.50, with gold trading 0.19% higher against the USD from Friday’s close.
The pair is expected to find support at 1506.93, and a fall through could take it to the next support level of 1499.37. The pair is expected to find its first resistance at 1520.53, and a rise through could take it to the next resistance level of 1526.57.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
