Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.12% against the USD and closed at USD1291.60 per ounce, amid upbeat US economic data.

In the Asian session, at GMT0400, the pair is trading at 1291.70, with gold trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1288.40, and a fall through could take it to the next support level of 1285.10. The pair is expected to find its first resistance at 1294.90, and a rise through could take it to the next resistance level of 1298.10.

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

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