Gold Movement
Gold prices traded lower by 0.16% against the USD in the 24 hour period ending 23:00GMT, at 1289.71 per ounce, following reports that revealed the SPDR Gold Trust suffered an outflow of 9.3 tonnes last week.
Meanwhile, the safe haven appeal of the yellow metal was further dented as the outlook of economic recovery in the US improved.
In the Asian session, at GMT0300, Gold is trading at 1287.09, 0.20% lower from yesterday’s close, after the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust reported that its holdings fell 3.0 tonnes to 792.14 tonnes on Monday.
Gold is expected to find support at 1282.08, and a fall through could take it to the next support level of 1277.08. Gold is expected to find its first resistance at 1293.03, and a rise through could take it to the next resistance level of 1298.98.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
