Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.48% against the USD and closed at USD1253.50 per ounce on Friday, amid gains in the US Dollar and as a rise in global equities dented the allure of the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1253.90, with the gold trading slightly higher from Friday’s close.
The pair is expected to find support at 1246.97, and a fall through could take it to the next support level of 1240.03. The pair is expected to find its first resistance at 1260.77, and a rise through could take it to the next resistance level of 1267.63.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
