Gold Movement
Gold prices traded lower by 0.89% against the USD in the 24 hour period ending 23:00GMT, at 1258.70 per ounce, following positive economic data from the US, thereby diminishing yellow metal’s safe haven appeal.
In the Asian session, at GMT0300, the pair is trading at 1264.1, with the gold trading 0.43% higher from yesterday’s close.
The pair is expected to find support at 1255.0, and a fall through could take it to the next support level of 1245.9. The pair is expected to find its first resistance at 1276.2, and a rise through could take it to the next resistance level of 1288.3.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
