Gold: Yellow metal trading lower this morning

Gold

Gold Movement

Gold prices traded lower by 1.06% against the USD in the 24-hour period ending 23:00GMT, at 1256.80 per ounce, amid a broad rally in global equity markets.

In the Asian session, at GMT0400, the pair is trading at 1253.5, with the gold trading 0.26% lower from Friday’s close.

The pair is expected to find support at 1242.47, and a fall through could take it to the next support level of 1231.43. The pair is expected to find its first resistance at 1271.07, and a rise through could take it to the next resistance level of 1288.63.

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

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