Gold Movement
Gold prices traded lower by 0.59% against the USD in the 24 hour period ending 23:00GMT, at 1242.00 per ounce, as a rally in the US equity markets dampened the demand-prospects of the safe-haven metal as an alternate investment. Additionally, a public holiday in China and Hong Kong also weighed on the physical-demand outlook of the metal.
In the Asian session, at GMT0300, Gold is trading at 1244.60, 0.21% higher from yesterday’s close.
Gold is expected to find support at 1240.30, and a fall through could take it to the next support level of 1236.00. Gold is expected to find its first resistance at 1249.50, and a rise through could take it to the next resistance level of 1254.40.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
