Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.13% against the USD and closed at USD1290.30 per ounce, as strength in global equities dented demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1292.70, with gold trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 1286.80, and a fall through could take it to the next support level of 1280.90. The pair is expected to find its first resistance at 1297.50, and a rise through could take it to the next resistance level of 1302.30.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
