Gold Movement
Gold prices traded higher by 2.28% against the USD in the 24 hour period ending 23:00GMT, at 1231.20 per ounce, following a slump in the global equity markets, thus enhancing the demand of the safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1230.00, with the gold trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1206.93, and a fall through could take it to the next support level of 1183.86. The pair is expected to find its first resistance at 1246.03, and a rise through could take it to the next resistance level of 1262.06.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
