Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.9% against the USD and closed at USD1314.5 per ounce, after upbeat US economic data increased speculation that the next US Federal Reserve interest rate hike may come sooner than expected.
In the Asian session, at GMT0300, the pair is trading at 1317.8, with the gold trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 1310.37, and a fall through could take it to the next support level of 1302.93. The pair is expected to find its first resistance at 1326.87, and a rise through could take it to the next resistance level of 1335.93.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
