Gold Movement
Gold prices traded higher by 0.86% against the USD in the 24 hour period ending 23:00GMT, at 1203.10 per ounce, amid a broad weakness in the greenback on the back of downbeat industrial production data in the US, thus raising demand of the safe-haven yellow metal.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, widened to 736.08 tons, from its previous level of 734.29 tons.
In the Asian session, at GMT0300, the pair is trading at 1205.00, with the gold trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1193.06, and a fall through could take it to the next support level of 1181.13. The pair is expected to find its first resistance at 1212.16, and a rise through could take it to the next resistance level of 1219.00.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
