Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.16% against the USD and closed at USD1286.10 per ounce, amid a stronger US dollar.

In the Asian session, at GMT0400, the pair is trading at 1286.8, with gold trading 0.05% higher against the USD from yesterday’s close, on global growth concerns and persistent fears over US government shutdown.

The pair is expected to find support at 1282.53, and a fall through could take it to the next support level of 1278.27. The pair is expected to find its first resistance at 1290.03, and a rise through could take it to the next resistance level of 1293.27.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

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