Gold Movement
Gold prices traded lower by 1.35% against the USD in the 24 hour period ending 23:00GMT, at 1117.80 per ounce, continuing its losing streak, amid a broad rally in global equity markets.
In the Asian session, at GMT0400, the pair is trading at 1121.5, with the gold trading 0.33% higher from yesterday’s close.
The pair is expected to find support at 1110.73, and a fall through could take it to the next support level of 1099.97. The pair is expected to find its first resistance at 1135.13, and a rise through could take it to the next resistance level of 1148.77.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
