Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.55% against the USD and closed at USD1311.90 per ounce on Friday, after US consumer prices rose faster-than-expected last month, thus supporting the case for a US Federal Reserve rate hike later this year.
In the Asian session, at GMT0300, the pair is trading at 1319.40, with the gold trading 0.57% higher from Friday’s close.
The pair is expected to find support at 1312.33, and a fall through could take it to the next support level of 1305.27. The pair is expected to find its first resistance at 1323.33, and a rise through could take it to the next resistance level of 1327.27.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
