Gold Movement
Gold prices traded higher by 0.29% against the USD in the 24 hour period ending 23:00GMT, at 1224.90 per ounce, extending its previous session gains triggered by the Fed’s dovish minutes of its latest monetary policy meeting. Meanwhile, growing concerns of a global economic slowdown also enhanced the demand outlook of the yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1221.5, with the gold trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 1217.00, and a fall through could take it to the next support level of 1212.50. The pair is expected to find its first resistance at 1230.00, and a rise through could take it to the next resistance level of 1238.50.
The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
