Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.83% against the USD and closed at USD1215.90 per ounce, extending its previous session losses, amid strength in the greenback and expectations for a rate hike next week.
In the Asian session, at GMT0400, the pair is trading at 1218.20, with the gold trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1212.43, and a fall through could take it to the next support level of 1206.67. The pair is expected to find its first resistance at 1225.63, and a rise through could take it to the next resistance level of 1233.07.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
