Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 2.49% against the USD and closed at USD1426.00 per ounce, as investors preferred to seek shelter in the safe haven asset amid concerns over the health of the global economy.
In the Asian session, at GMT0300, the pair is trading at 1425.80, with gold trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1397.67, and a fall through could take it to the next support level of 1369.53. The pair is expected to find its first resistance at 1447.47, and a rise through could take it to the next resistance level of 1469.13.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
