Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.81% against the USD and closed at USD1514.40 per ounce on Friday, amid upbeat comments by the US Federal Reserve Chairman Jerome Powell on the US economy.
In the Asian session, at GMT0300, the pair is trading at 1516.9, with gold trading 0.17% higher against the USD from Friday’s close, amid hopes of monetary easing by the world’s major central banks.
The pair is expected to find support at 1506.33, and a fall through could take it to the next support level of 1495.77. The pair is expected to find its first resistance at 1531.83, and a rise through could take it to the next resistance level of 1546.77.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
