Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 1.05% against the USD and closed at USD1256.90 per ounce, amid strength in the greenback following robust US weekly initial jobless claims data.
In the Asian session, at GMT0300, the pair is trading at 1258.70, with the gold trading 0.14% higher from yesterday’s close, ahead of a key US employment report, due later in the day.
The pair is expected to find support at 1250.20, and a fall through could take it to the next support level of 1241.70. The pair is expected to find its first resistance at 1268.80, and a rise through could take it to the next resistance level of 1278.90.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
