Gold Movement
Gold prices traded 0.72% higher against the USD in the 24 hour period ending 23:00GMT, at 1233.00 per ounce, extending its previous session gains, as oil prices continued to fall.
Yesterday, the SPDR Gold Trust reported that its gold holdings remained unchanged at 707.82 tons.
In the Asian session, at GMT0400, the pair is trading at 1236.50, with the gold trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 1222.00, and a fall through could take it to the next support level of 1207.50. The pair is expected to find its first resistance at 1246.50, and a rise through could take it to the next resistance level of 1256.50.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
