Gold Movement
Gold prices traded higher by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1235.60 per ounce, on global economic growth concerns as well as uncertainty over when the Fed would raise its benchmark interest rates, enhanced yellow metal’s appeal.
In the Asian session, at GMT0300, the pair is trading at 1234.4, with the gold trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1227.67, and a fall through could take it to the next support level of 1219.73. The pair is expected to find its first resistance at 1239.87, and a rise through could take it to the next resistance level of 1245.33.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
