Gold Movement
Gold prices traded lower by 0.11% against the USD in the 24 hour period ending 23:00GMT, at 1251.80 per ounce, as a rally in the US equity markets dented the demand for the metal as an alternate investment. However, gold’s safe haven appeal was in some demand after data showed that Sentix investor confidence in the Euro-zone unexpectedly fell to a six-month low level in June.
In the Asian session, at GMT0300, Gold is trading at 1254.30, 0.20% higher from yesterday’s close.
Gold is expected to find support at 1250.50, and a fall through could take it to the next support level of 1246.70. Gold is expected to find its first resistance at 1257.70, and a rise through could take it to the next resistance level of 1261.10.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
