Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 1.45% against the USD and closed at USD1295.60 per ounce, as strength in US dollar dampened demand for the dollar denominated commodity.

In the Asian session, at GMT0400, the pair is trading at 1293.80, with gold trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 1285.53, and a fall through could take it to the next support level of 1277.27. The pair is expected to find its first resistance at 1309.83, and a rise through could take it to the next resistance level of 1325.87.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

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