Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.54% against the USD and closed at USD1206.10 per ounce, amid broad strength in greenback.

In the Asian session, at GMT0300, the pair is trading at 1208.00, with gold trading 0.16% higher against the USD from yesterday’s close.

The pair is expected to find support at 1202.47, and a fall through could take it to the next support level of 1196.93. The pair is expected to find its first resistance at 1213.17, and a rise through could take it to the next resistance level of 1218.33.

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

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