Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.1% against the USD and closed at USD1296.50 per ounce, as rising uncertainties ahead of a barrage of events this week, including UK’s general election and the ECB’s monetary policy meeting, spurred demand for the safe haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1294.20, with the gold trading 0.18% lower against the USD from yesterday’s close.
The pair is expected to find support at 1286.73, and a fall through could take it to the next support level of 1279.27. The pair is expected to find its first resistance at 1300.23, and a rise through could take it to the next resistance level of 1306.27.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
