Gold Movement
Gold prices traded 0.54% lower against the USD in the 24-hour period ending 23:00GMT, at
USD 1264.30 per ounce, for the third consecutive session, as expectations that Britain will vote to remain in the European Union dented demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1267.60, with the gold trading 0.26% higher from yesterday’s close.
The pair is expected to find support at 1261.80, and a fall through could take it to the next support level of 1256.00. The pair is expected to find its first resistance at 1273.10, and a rise through could take it to the next resistance level of 1278.60.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
