Gold Movement
Gold prices traded higher by 0.94% against the USD in the 24-hour period ending 23:00GMT, at 1290.70 per ounce, after a weaker-than-expected US non-farm payrolls report led to speculation that the timing of the next interest rate hike by the US Federal Reserve will be pushed back further.
In the Asian session, at GMT0300, the pair is trading at 1288.00, with the gold trading 0.21% lower from Friday’s close.
The pair is expected to find support at 1277.70, and a fall through could take it to the next support level of 1267.40. The pair is expected to find its first resistance at 1298.00, and a rise through could take it to the next resistance level of 1308.00.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
