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.
