Gold: Yellow Metal Reverses Its Losses In The Morning Session

For the 24 hours to 23:00 GMT, Gold declined 0.13% against the USD and closed at USD1202.80 per ounce.

In the Asian session, at GMT0300, the pair is trading at 1204.10, with gold trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 1200.20, and a fall through could take it to the next support level of 1196.30. The pair is expected to find its first resistance at 1208.10, and a rise through could take it to the next resistance level of 1212.10.

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