Gold Movement
Gold prices traded higher by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1077.00 per ounce, amid China-induced massive equity sell-off and the Middle East’s escalated geopolitical tensions.
In the Asian session, at GMT0400, the pair is trading at 1077.6, with the gold trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1074.17, and a fall through could take it to the next support level of 1070.73. The pair is expected to find its first resistance at 1081.27, and a rise through could take it to the next resistance level of 1084.93.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
