Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.57% against the USD and closed at USD1470.4 per ounce on Friday, as concerns over the US-China trade tensions resurfaced.
In the Asian session, at GMT0400, the pair is trading at 1465.30, with gold trading 0.35% lower against the USD from Friday’s close, as risk appetite amongst investors increased following the release of better than expected Chinese manufacturing activity data for November.
The pair is expected to find support at 1458.63, and a fall through could take it to the next support level of 1451.97. The pair is expected to find its first resistance at 1472.43, and a rise through could take it to the next resistance level of 1479.57.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
