Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.02% against the USD and closed at USD1250.70 per ounce, amid a broad weakness in the greenback, after the latest Federal Reserve monetary policy meeting minutes dampened expectations of a March interest rate hike.
In the Asian session, at GMT0400, the pair is trading at 1251.20, with the gold trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1241.00, and a fall through could take it to the next support level of 1230.80. The pair is expected to find its first resistance at 1256.80, and a rise through could take it to the next resistance level of 1262.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
