Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.85% against the USD and closed at USD1330.50 per ounce, as robust US economic data dented the demand for the safe-haven yellow metal.
Separately, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22% to 949.14 tonnes.
In the Asian session, at GMT0300, the pair is trading at 1328.80, with the gold trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1323.83, and a fall through could take it to the next support level of 1318.87. The pair is expected to find its first resistance at 1337.63, and a rise through could take it to the next resistance level of 1346.47.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
