Gold Movement
On Friday, Gold prices traded higher by 0.98% against the USD in the period ending 21:00GMT, at 1219.50 per ounce, rebounding from its previous session losses amid a broad weakening in the greenback and global equity markets, coupled with further decline in oil prices thus enhancing the demand of the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1226.10, with the gold trading 0.54% higher from Friday’s close.
The pair is expected to find support at 1212.66, and a fall through could take it to the next support level of 1199.23. The pair is expected to find its first resistance at 1233.86, and a rise through could take it to the next resistance level of 1241.63.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
