For the 24 hours to 23:00 GMT, Gold declined 0.79% against the USD and closed at USD1197.30 per ounce, amid broad strength in the greenback.
In the Asian session, at GMT0300, the pair is trading at 1199.80, with gold trading 0.21% higher against the USD from yesterday’s close, amid speculation that demand for the safe haven might increase, on the back of lingering currency crisis in Argentina, Turkey and Indonesia.
The pair is expected to find support at 1194.20, and a fall through could take it to the next support level of 1188.60. The pair is expected to find its first resistance at 1206.30, and a rise through could take it to the next resistance level of 1212.80.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
