Gold Movement
Gold prices traded higher by 0.48% against the USD in the 24-hour period ending 23:00GMT, at 1251.60 per ounce, amid a broad weakness in global equity markets.
In the Asian session, at GMT0300, the pair is trading at 1251, with the gold trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 1240.13, and a fall through could take it to the next support level of 1229.27. The pair is expected to find its first resistance at 1267.13, and a rise through could take it to the next resistance level of 1283.27.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
