For the 24 hours to 23:00 GMT, Gold rose 0.62% against the USD and closed at USD1556.60 per ounce, as concerns about the US-China trade dispute resurfaced after the US retained tariffs on some Chinese goods.
In the Asian session, at GMT0400, the pair is trading at 1556.80, with gold trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1549.80, and a fall through could take it to the next support level of 1542.80. The pair is expected to find its first resistance at 1561.30, and a rise through could take it to the next resistance level of 1565.80.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.