Gold Movement
Gold prices traded higher by 0.24% against the USD in the 24 hour period ending 23:00GMT, at 1121.90 per ounce, as the greenback weakened against its major peers.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to 682.35 tons from its previous close of 682.59 tons.
In the Asian session, at GMT0300, the pair is trading at 1123.60, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1118.86, and a fall through could take it to the next support level of 1114.13. The pair is expected to find its first resistance at 1127.16, and a rise through could take it to the next resistance level of 1130.73.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
