Gold Movement
Gold prices traded 0.75% lower against the USD in the 24-hour period ending 23:00GMT, at USD1291.80 per ounce, amid a weaker greenback and a broad rally in global equity markets.
In the Asian session, at GMT0300, the pair is trading at 1289.80, with the gold trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1281.27, and a fall through could take it to the next support level of 1272.73. The pair is expected to find its first resistance at 1297.87, and a rise through could take it to the next resistance level of 1305.93.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
