Gold Movement
Gold prices traded lower by 1.94% against the USD in the 24 hour period ending 23:00GMT, at 1050.40 per ounce, tumbling to a six-year low level, amid a broad strength in the greenback.
Separately, assets in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.7% to 630.17 tonnes, the lowest since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1051.6, with the gold trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1042.77, and a fall through could take it to the next support level of 1033.93. The pair is expected to find its first resistance at 1064.47, and a rise through could take it to the next resistance level of 1077.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
