Gold Movement
Gold prices traded lower by 0.63% against the USD in the 24 hour period ending 23:00GMT, at 1284.30 per ounce, as the latest batch of upbeat economic data from the US weighed on the safe-haven appeal of the metal. Additionally, a 0.3% decline in the holding of SPDR Gold Trust to 785.55 metric tonnes, the lowest level since January 2009 also pressurised the commodity’s prices. However, an 83.3% surge in the sales of American Eagle gold bullion coin in April from a seven-month low sales of 21,000 ounces in March, bolstered the demand outlook of physical gold in the US economy.
In the Asian session, at GMT0300, Gold is trading at 1283.40, 0.07% lower from yesterday’s close.
Gold is expected to find support at 1276.83, and a fall through could take it to the next support level of 1270.27. Gold is expected to find its first resistance at 1290.43, and a rise through could take it to the next resistance level of 1297.47.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
