Gold Movement
Gold prices traded lower by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1244.00 per ounce, hurt by a stronger US Dollar. However, reports showed that holding in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose by 1.8 tonnes to 787.08 tonnes on Tuesday.
In the Asian session, at GMT0300, Gold is trading at 1243.50, slightly lower from yesterday’s close, ahead of the ECB’s interest rate decision and the US weekly jobless claims data.
Gold is expected to find support at 1240.30, and a fall through could take it to the next support level of 1237.10. Gold is expected to find its first resistance at 1248.10, and a rise through could take it to the next resistance level of 1252.70.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
