Gold Movement
Gold prices traded 0.18% higher against the USD in the 24-hour period ending 23:00GMT, at USD 1288.70 per ounce, as investors sought solace in the safe-haven asset, amid concerns of a potential British exit from the European Union and fuelled by expectations that the US Federal Reserve will not raise interest rate at its meeting that concludes today.
In the Asian session, at GMT0300, the pair is trading at 1287.00, with the gold trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1279.40, and a fall through could take it to the next support level of 1271.80. The pair is expected to find its first resistance at 1293.80, and a rise through could take it to the next resistance level of 1300.60.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
