Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.29% against the USD and closed at USD1331.2 per ounce, recovering from a one-month low level after the ECB vowed to maintain rates unchanged at record low level.
In the Asian session, at GMT0300, the pair is trading at 1328.6, with the gold trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1316.4, and a fall through could take it to the next support level of 1304.2. The pair is expected to find its first resistance at 1337.4, and a rise through could take it to the next resistance level of 1346.2.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
