Gold Movement
For the 24 hours to 23:00 GMT, Gold slightly declined against the USD and closed at USD1249.40 per ounce on Friday, weighed by rising expectations that the Fed would increase interest rate later this week.
In the Asian session, at GMT0400, the pair is trading at 1250.30, with gold trading 0.07% higher against the USD from Friday’s close.
The pair is expected to find support at 1245.00, and a fall through could take it to the next support level of 1239.70. The pair is expected to find its first resistance at 1255.00, and a rise through could take it to the next resistance level of 1259.70.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
