Gold Movement
On Friday Gold prices traded higher by 0.85% against the USD in the period ending 21:00GMT, at 1253.45 per ounce, as the holdings in the biggest exchange-traded product rose to the highest level since November 2011, thereby indicating an increase in demand of the yellow metal. Meanwhile, mixed economic data from the US on Friday, also capped the gains of the US Dollar, thereby adding to the appeal of the metal.
In the Asian session, at GMT0400, Gold is trading at 1255.15, 0.14% higher from yesterday’s close.
Gold is expected to find support at 1242.02, and a fall through could take it to the next support level of 1228.88. Gold is expected to find its first resistance at 1264.18, and a rise through could take it to the next resistance level of 1273.20.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
