Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.13% against the USD and closed at USD1238.20 per ounce, after the recent FOMC minutes suggested a cautious approach to interest rate hikes, amid uncertainty about the new US administration’s economic programme.
In the Asian session, at GMT0400, the pair is trading at 1237.70, with the gold trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1232.17, and a fall through could take it to the next support level of 1226.63. The pair is expected to find its first resistance at 1242.57, and a rise through could take it to the next resistance level of 1247.43.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
