For the 24 hours to 23:00 GMT, Gold rose 0.25% against the USD and closed at USD1509.90 per ounce, amid expectations of a rate cut by the US Federal Reserve.

In the Asian session, at GMT0300, the pair is trading at 1509.60, with gold trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 1502.00, and a fall through could take it to the next support level of 1494.40. The pair is expected to find its first resistance at 1516.10, and a rise through could take it to the next resistance level of 1522.60.

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

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