Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.35% against the USD and closed at USD1267.90 per ounce, as investors turned to the US Treasuries rather than bullion for safe haven investment.
In the Asian session, at GMT0300, the pair is trading at 1265.10, with gold trading 0.22% lower against the USD from yesterday’s close.
The pair is expected to find support at 1261.37, and a fall through could take it to the next support level of 1257.63. The pair is expected to find its first resistance at 1271.47, and a rise through could take it to the next resistance level of 1277.83.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
