Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.14% against the USD and closed at USD1236.70 per ounce, as renewed expectations of an increase in US interest rates next month pushed the US Dollar higher.
In the Asian session, at GMT0400, the pair is trading at 1236.1, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1228.63, and a fall through could take it to the next support level of 1221.17. The pair is expected to find its first resistance at 1241.73, and a rise through could take it to the next resistance level of 1247.37.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
