Gold Movement
Gold prices traded higher by 1.52% against the USD in the 24-hour period ending 23:00GMT, at 1251.90 per ounce, amid a broad weakness in the greenback following the release of a weaker-than-expected US housing sector data.
In the Asian session, at GMT0300, the pair is trading at 1256.3, with the gold trading 0.35% higher from yesterday’s close.
The pair is expected to find support at 1237.00, and a fall through could take it to the next support level of 1217.70. The pair is expected to find its first resistance at 1267.70, and a rise through could take it to the next resistance level of 1279.10.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
