For the 24 hours to 23:00 GMT, Gold rose 1.85% against the USD and closed at USD1959.60 per ounce, as the US dollar weakened and amid slow recovery in the US labour market.
In the Asian session, at GMT0300, the pair is trading at 1956.60, with gold trading 0.15% lower against the USD from yesterday’s close.
The pair is expected to find support at 1931.80, and a fall through could take it to the next support level of 1907.00. The pair is expected to find its first resistance at 1978.10, and a rise through could take it to the next resistance level of 1999.60.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.