Yellow Metal Trading On A Stronger Footing This Morning
For the 24 hours to 23:00 GMT, Gold declined 0.43% against the USD and closed at USD1320.90 per ounce, as easing concerns over global trade war led to a rally in global equities and dented demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1323.20, with gold trading 0.17% higher against the USD from yesterday’s close.
The pair is expected to find support at 1318.03, and a fall through could take it to the next support level of 1312.87. The pair is expected to find its first resistance at 1328.63, and a rise through could take it to the next resistance level of 1334.07.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
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