Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.44% against the USD and closed at USD1351.8 per ounce, as weakness in the US Dollar increased the demand for the precious metal.
In the Asian session, at GMT0300, the pair is trading at 1350.1, with the gold trading 0.13% lower from yesterday’s close, with traders awaiting the release of the much anticipated FOMC meeting minutes, due later today.
The pair is expected to find support at 1342.83, and a fall through could take it to the next support level of 1335.57. The pair is expected to find its first resistance at 1360.83, and a rise through could take it to the next resistance level of 1371.57.
The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
