Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.32% against the USD and closed at USD1292.40 per ounce, amid rise in the global equities, following upbeat Chinese economic data.
In the Asian session, at GMT0300, the pair is trading at 1292.00, with gold trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1288.10, 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 1298.80, and a rise through could take it to the next resistance level of 1305.60.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
