Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.2% against the USD and closed at USD1280.10 per ounce, as a broad weakness in the greenback boosted demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1279.20, with gold trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 1275.17, and a fall through could take it to the next support level of 1271.13. The pair is expected to find its first resistance at 1283.87, and a rise through could take it to the next resistance level of 1288.53.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
