Gold Movement
Gold prices traded higher by 0.28% against the USD in the 24 hour period ending 23:00GMT, at 1245.50 per ounce, as traders favoured the safe-haven metal amid a weakness in the US equity markets and the US Dollar. However, soft demand for physical gold in China, following the end of the Dragon Boat festival, kept the commodity’s gains in check.
In the Asian session, at GMT0300, Gold is trading at 1245.50, flat from yesterday’s close.
Gold is expected to find support at 1241.17, and a fall through could take it to the next support level of 1236.83. Gold is expected to find its first resistance at 1248.87, and a rise through could take it to the next resistance level of 1252.23.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
