Gold Movement
Gold prices traded higher by 0.43% against the USD in the 24-hour period ending 23:00GMT, at USD1277.40 per ounce, rising for the third consecutive session, as a broad slump in global equity markets increased the demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1277.20, with the gold trading marginally lower from Friday’s close.
The pair is expected to find support at 1269.27, and a fall through could take it to the next support level of 1261.33. The pair is expected to find its first resistance at 1283.17, and a rise through could take it to the next resistance level of 1289.13.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
