Gold Movement
Gold prices traded lower by 0.27% against the USD in the 24 hour period ending 23:00GMT, at 1183.20 per ounce, as the US consumer confidence unexpectedly jumped in March, thus dampening the safe haven demand for the precious metal.
Meanwhile, gold holdings in the SPDR Gold Trust remained unchanged at 737.24 tons.
In the Asian session, at GMT0300, the pair is trading at 1188.10, with the gold trading 0.41% higher from yesterday’s close.
The pair is expected to find support at 1180.66, and a fall through could take it to the next support level of 1173.23. The pair is expected to find its first resistance at 1193.06, and a rise through could take it to the next resistance level of 1198.03.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
