Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.26% against the USD and closed at USD1367.2 per ounce, after the BoE announced a rate cut for the first time since 2009.
In the Asian session, at GMT0300, the pair is trading at 1366.9, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1357.53, and a fall through could take it to the next support level of 1348.17. The pair is expected to find its first resistance at 1373.83, and a rise through could take it to the next resistance level of 1380.77.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
