Gold: Yellow metal trading lower this morning

Gold

Gold Movement

Gold prices traded higher by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1139.40 per ounce, as a massive sell-off in the global equity markets coupled with downbeat economic releases from the US and China, prompted investors to turn to the safe-haven precious yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1138.10, with the gold trading 0.11% lower from yesterday’s close.

The pair is expected to find support at 1132.90, and a fall through could take it to the next support level of 1127.70. The pair is expected to find its first resistance at 1145.30, and a rise through could take it to the next resistance level of 1152.50.

The yellow metal is trading between its 20 Hr and 50 Hr moving averages.

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