Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.52% against the USD and closed at USD1262.30 per ounce, after the US Fed gave a brightened outlook of the US economy and indicated that it will continue to be on its path of tightening.
In the Asian session, at GMT0300, the pair is trading at 1266.40, with the gold trading 0.32% higher against the USD from yesterday’s close.
The pair is expected to find support at 1255.53, and a fall through could take it to the next support level of 1244.67. The pair is expected to find its first resistance at 1280.73, and a rise through could take it to the next resistance level of 1295.07.
The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
