For the 24 hours to 23:00 GMT, Gold rose 0.15% against the USD and closed at USD1496.40 per ounce, as weakness in US dollar boosted demand appeal for the safe haven commodity.
In the Asian session, at GMT0300, the pair is trading at 1496.00, with gold trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1488.30, and a fall through could take it to the next support level of 1480.60. The pair is expected to find its first resistance at 1502.40, and a rise through could take it to the next resistance level of 1508.80.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
