Gold Movement
Gold prices traded higher by 0.23% against the USD in the 24 hour period ending 23:00GMT, at 1270.00 per ounce. However, positive factory order data from the US and reports about a possible cease-fire deal between Russia and Ukraine, limited the yellow metal’s gains.
Meanwhile, the SPDR Gold Trust, the world’s biggest gold-backed exchange traded fund reported that its holdings fell by 2.69 tonnes to 790.51 tonnes.
In the Asian session, at GMT0300, the pair is trading at 1273.9, with the gold trading 0.31% higher from yesterday’s close.
The pair is expected to find support at 1265.7333, and a fall through could take it to the next support level of 1257.5667. The pair is expected to find its first resistance at 1278.2333, and a rise through could take it to the next resistance level of 1282.5667.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
