Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.37% against the USD and closed at USD1294.00 per ounce, as weakness in global equity markets boosted demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1293.00, with the gold trading 0.08% lower against the USD from yesterday’s close.
The pair is expected to find support at 1287.60, and a fall through could take it to the next support level of 1282.20. The pair is expected to find its first resistance at 1297.20, and a rise through could take it to the next resistance level of 1301.40.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
