Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 1.24% against the USD and closed at 1101.30, amid a broad slump in global equity markets and a weaker greenback, enhanced the demand of the safe-haven yellow metal. Meanwhile, weak US inflation dampened expectations of an interest rate hike by the Fed in March.
In the Asian session, at GMT0400, the pair is trading at 1099.8, with the gold trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1090.57, and a fall through could take it to the next support level of 1081.33. The pair is expected to find its first resistance at 1109.47, and a rise through could take it to the next resistance level of 1119.13.
The yellow metal is showing convergence with its 20 Hr and trading above its 50 Hr moving average.
