Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.68% against the USD and closed at USD1208.10 per ounce on Friday, as a broad strength in the greenback and growing expectations that the US Fed will announce an interest rate hike in December, dampened demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1210.70, with the gold trading 0.22% higher from Friday’s close.
The pair is expected to find support at 1202.67, and a fall through could take it to the next support level of 1194.63. The pair is expected to find its first resistance at 1217.37, and a rise through could take it to the next resistance level of 1224.03.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
