Gold Movement
For the 24 hours to 23:00 GMT, Gold traded flat against the USD and closed at 1231.80. However, the decline in global equity markets and a weaker greenback increased demand for the safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1218.1, with the gold trading 1.11% lower from Friday’s close.
The pair is expected to find support at 1211.2333, and a fall through could take it to the next support level of 1204.3667. The pair is expected to find its first resistance at 1230.1333, and a rise through could take it to the next resistance level of 1242.1667.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
