Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.4% against the USD and closed at USD1226.10 per ounce, as strength in the greenback and a rally in global equities dented demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1227.60, with the gold trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1220.73, and a fall through could take it to the next support level of 1213.87. The pair is expected to find its first resistance at 1234.03, and a rise through could take it to the next resistance level of 1240.47.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
