Gold Movement
Gold prices traded lower by 0.40% against the USD in the 24 hour period ending 23:00GMT, at 1132.30 per ounce, after oscillating between gains and losses throughout the trading session.
Losses in gold prices were capped, as a weaker-than-expected US ISM non-manufacturing index data enhanced the demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1135.90, with the gold trading 0.32% higher from yesterday’s close.
The pair is expected to find support at 1129.80, and a fall through could take it to the next support level of 1123.70. The pair is expected to find its first resistance at 1141.80, and a rise through could take it to the next resistance level of 1147.70.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
