Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.38% against the USD and closed at USD1246.30 per ounce, as strength in the US dollar lowered demand for the safe haven asset.

In the Asian session, at GMT0400, the pair is trading at 1246.10, with gold trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1243.17, and a fall through could take it to the next support level of 1240.23. The pair is expected to find its first resistance at 1250.27, and a rise through could take it to the next resistance level of 1254.43.

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

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