Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 1.21% against the USD and closed at USD1209.00 per ounce on Friday, amid strength in the US dollar.
In the Asian session, at GMT0400, the pair is trading at 1211.30, with gold trading 0.19% higher against the USD from Friday’s close.
The pair is expected to find support at 1204.83, and a fall through could take it to the next support level of 1198.37. The pair is expected to find its first resistance at 1220.13, and a rise through could take it to the next resistance level of 1228.97.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
