Gold: Yellow metal trading lower this morning

Gold

Gold Movement

Gold prices traded lower by 0.80% against the USD in the 24-hour period ending 23:00GMT, at 1253.70 per ounce, as a broad rally in global equity markets dented the precious metal’s safe haven appeal.

In the Asian session, at GMT0400, the pair is trading at 1250.6, with the gold trading 0.25% lower from yesterday’s close.

The pair is expected to find support at 1242.40, and a fall through could take it to the next support level of 1234.20. The pair is expected to find its first resistance at 1260.00, and a rise through could take it to the next resistance level of 1269.40.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

This entry was posted in Gold. Bookmark the permalink.

Comments are closed.