Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.24% against the USD and closed at USD1229.80 per ounce.

In the Asian session, at GMT0400, the pair is trading at 1230.30, with gold trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 1226.70, and a fall through could take it to the next support level of 1223.10. The pair is expected to find its first resistance at 1234.40, and a rise through could take it to the next resistance level of 1238.50.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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