Gold Movement
Gold prices traded lower by 1.14% against the USD in the 24-hour period ending 23:00GMT, at 1227.60 per ounce, reversing its previous session gains, as a broad rally in global equity markets dented demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1228.1, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1219.73, and a fall through could take it to the next support level of 1211.37. The pair is expected to find its first resistance at 1241.63, and a rise through could take it to the next resistance level of 1255.17.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
