Gold Movement
Gold prices traded 0.87% lower against the USD in the 24-hour period ending 23:00GMT, at USD1316.60 per ounce, amid a broad rally in global equity markets.
In the Asian session, at GMT0300, the pair is trading at 1322.70, with the gold trading 0.46% higher from yesterday’s close.
The pair is expected to find support at 1312.23, and a fall through could take it to the next support level of 1301.77. The pair is expected to find its first resistance at 1329.13, and a rise through could take it to the next resistance level of 1335.57.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
