Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.43% against the USD and closed at USD1282.00 per ounce, amid strength in the US equities and following stronger than expected US consumer spending data.
In the Asian session, at GMT0300, the pair is trading at 1283.50, with gold trading 0.12% higher against the USD from yesterday’s close.
The pair is expected to find support at 1279.47, and a fall through could take it to the next support level of 1275.43. The pair is expected to find its first resistance at 1287.97, and a rise through could take it to the next resistance level of 1292.43.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
