Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.86% against the USD and closed at 1224.40, as the release of upbeat US economic data increased investor’s risk-taking appetite and weighed on the demand-outlook of the safe-haven metal.
In the Asian session, at GMT0400, the pair is trading at 1225.10, with the gold trading 0.39% higher from Friday’s close.
The pair is expected to find support at 1210.97, and a fall through could take it to the next support level of 1196.83 The pair is expected to find its first resistance at 1240.27, and a rise through could take it to the next resistance level of 1255.43.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
