Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.37% against the USD and closed at USD1317.20 per ounce, after downbeat US manufacturing data raised doubts about a potential US Federal Reserve interest rate hike in the near-term.
In the Asian session, at GMT0300, the pair is trading at 1317.00, with the gold trading slightly lower from yesterday’s close, as investors remain cautious ahead of the crucial US nonfarm payrolls data, due to release later today.
The pair is expected to find support at 1308.40, and a fall through could take it to the next support level of 1299.80. The pair is expected to find its first resistance at 1322.70, and a rise through could take it to the next resistance level of 1328.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
