Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.30% against the USD and closed at USD1291.80 per ounce, as weakness in the US dollar strengthened demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1291.40, with gold trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1287.80, and a fall through could take it to the next support level of 1284.20. The pair is expected to find its first resistance at 1295.80, and a rise through could take it to the next resistance level of 1300.20.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
