Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.46% against the USD and closed at 1208.70, rebounding from its previous session losses, after the Fed minutes raised hopes that the central bank could slow the pace of interest rate hikes this year.
In the Asian session, at GMT0400, the pair is trading at 1209.70, with the gold trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1202.20, and a fall through could take it to the next support level of 1194.70. The pair is expected to find its first resistance at 1215.80, and a rise through could take it to the next resistance level of 1221.90.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
