Gold Movement
Gold prices traded lower by 0.48% against the USD in the 24 hour period ending 23:00GMT, at 1176.10 per ounce, amid a broad rally in global equity markets and after a strong rebound in US consumer sentiment in early October dented the demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1172.4, with the gold trading 0.31% lower from Friday’s close.
The pair is expected to find support at 1167.87, and a fall through could take it to the next support level of 1163.33. The pair is expected to find its first resistance at 1180.87, and a rise through could take it to the next resistance level of 1189.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
