Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.32% against the USD and closed at USD1311.60 per ounce, amid broad strength in US dollar.
In the Asian session, at GMT0400, the pair is trading at 1311.20, with gold trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1306.83, and a fall through could take it to the next support level of 1302.47. The pair is expected to find its first resistance at 1315.83, and a rise through could take it to the next resistance level of 1320.47.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
