Gold Movement
Gold prices traded lower by 1.00% against the USD in the 24 hour period ending 23:00GMT, at 1282.00 per ounce, amid a rally in the global equity markets, thus waning the safe-haven appeal of the precious yellow metal.
Additionally, the prices of gold continued their downward trend after the European Finance Ministers agreed to work with the newly elected Greek PM, Alexis Tsipras to keep the nation in the Euro-region.
In the Asian session, at GMT0400, the pair is trading at 1278.80, with the gold trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 1269.20, and a fall through could take it to the next support level of 1259.60. The pair is expected to find its first resistance at 1292.20, and a rise through could take it to the next resistance level of 1305.60.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
