Gold Movement
On Friday, Gold prices traded lower by 0.81% against the USD in the period ending 21:00GMT, at 1291.00 per ounce, amid a broad strength in the greenback.
In the Asian session, at GMT0400, the pair is trading at 1294.00, with the gold trading 0.23% higher from Friday’s close, as the safe haven appeal of the yellow metal increased after anti-austerity party Syriza’s victory in Greek elections, thereby raising concerns of renewed instability in the Euro-zone.
The pair is expected to find support at 1285.60, and a fall through could take it to the next support level of 1277.20. The pair is expected to find its first resistance at 1301.10, and a rise through could take it to the next resistance level of 1308.20.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
