Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 1.02% against the USD and closed at USD1285.40 per ounce on Friday, amid broad strength in US equities, following stronger than expected US jobs data.
In the Asian session, at GMT0400, the pair is trading at 1290.60, with gold trading 0.40% higher against the USD from Friday’s close, amid weakness in the US Dollar, following the US Fed Chairman, Jerome Powell’s comments over policy tightening in 2019.
The pair is expected to find support at 1279.53, and a fall through could take it to the next support level of 1268.47. The pair is expected to find its first resistance at 1300.23, and a rise through could take it to the next resistance level of 1309.87.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
