Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.46% against the USD and closed at USD1172.10 per ounce, as demand for the safe haven commodity dampened as market participants shrugged off concerns about a potential banking crisis in Italy after the country voted “No” in the referendum over the weekend which led to the resignation of Prime Minister Matteo Renzi.
In the Asian session, at GMT0400, the pair is trading at 1174.60, with the gold trading 0.21% higher from yesterday’s close.
The pair is expected to find support at 1162.20, and a fall through could take it to the next support level of 1149.80. The pair is expected to find its first resistance at 1183.40, and a rise through could take it to the next resistance level of 1192.20.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
