Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.81% against the USD and closed at USD1648.60 per ounce on Friday, following worse-than-expected US nonfarm payrolls data.
In the Asian session, at GMT0300, the pair is trading at 1645.30, with gold trading 0.20% lower against the USD from Friday’s close.
The pair is expected to find support at 1628.43, and a fall through could take it to the next support level of 1611.57. The pair is expected to find its first resistance at 1658.13, and a rise through could take it to the next resistance level of 1670.97.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
