Gold Movement
On Friday, Gold prices traded lower by 0.38% against the USD in the period ending 21:00GMT, at 1250.50 per ounce, as a record-high surge in the US S&P 500 Index weighed on the demand prospect of the yellow metal as an alternate investment. Negative sentiment was also fuelled after a report from the Commodity Futures Trading Commission showed that hedge funds and money managers slashed their bullish bets in gold futures and options last week to their lowest level in nearly four months and as another report revealed that sales of gold coin in the US fell slightly in May from a month earlier.
In the Asian session, at GMT0300, Gold is trading at 1247.80, 0.22% lower from Friday’s close.
Gold is expected to find support at 1240.37, and a fall through could take it to the next support level of 1232.93. Gold is expected to find its first resistance at 1256.67, and a rise through could take it to the next resistance level of 1265.53.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
