Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.25% against the USD and closed at USD1509.90 per ounce, amid expectations of a rate cut by the US Federal Reserve.
In the Asian session, at GMT0300, the pair is trading at 1509.60, with gold trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1502.00, and a fall through could take it to the next support level of 1494.40. The pair is expected to find its first resistance at 1516.10, and a rise through could take it to the next resistance level of 1522.60.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
