Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.39% against the USD and closed at USD1291.50 per ounce, as investors adopted a wait and watch approach ahead of the central bankers’ summit in Jackson Hole.
In the Asian session, at GMT0300, the pair is trading at 1291.30, with the gold trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1288.53, and a fall through could take it to the next support level of 1285.77. The pair is expected to find its first resistance at 1294.83, and a rise through could take it to the next resistance level of 1298.37.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
