Gold Movement
Gold prices traded lower by 0.32% against the USD in the 24 hour period ending 23:00GMT, at 1266.70 per ounce, after the US initial claims for jobless benefits rose less than anticipated and as a rally in global equity markets dampened the demand for the safe-haven yellow metal.
Meanwhile, gold holdings in the SPDR Gold Trust, increased to 767.93 tons, from its previous level of 764.94 tons.
In the Asian session, at GMT0400, the pair is trading at 1266.90, with the gold trading a tad higher from yesterday’s close.
The pair is expected to find support at 1257.36, and a fall through could take it to the next support level of 1247.83. The pair is expected to find its first resistance at 1275.16, and a rise through could take it to the next resistance level of 1283.43.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
