Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.23% against the USD and closed at USD1228.00 per ounce on Friday, as softer economic data from the US increased demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1229.70, with the gold trading 0.14% higher from Friday’s close.
The pair is expected to find support at 1226.27, and a fall through could take it to the next support level of 1222.83. The pair is expected to find its first resistance at 1232.37, and a rise through could take it to the next resistance level of 1235.03.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
