Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.50% against the USD and closed at USD1241.00 per ounce, as weakness in US dollar, increased demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1241.30, with gold trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1234.33, and a fall through could take it to the next support level of 1227.37. The pair is expected to find its first resistance at 1246.43, and a rise through could take it to the next resistance level of 1251.57.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
