Gold Movement
Gold prices traded a tad higher against the USD in the 24 hour period ending 23:00GMT, at 1176.60 per ounce.
Gains in the yellow metal were capped after the US 3Q GDP grew at its quickest pace since 2003, thus increasing the risk appetite among the investors.
Separately, gold holdings in the SPDR Gold Trust narrowed to 712.9 metric tons, its biggest loss since June 2013.
In the Asian session, at GMT0400, the pair is trading at 1177.70, with the gold trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1171.76, and a fall through could take it to the next support level of 1165.83. The pair is expected to find its first resistance at 1184.26, and a rise through could take it to the next resistance level of 1190.83.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
