Gold Movement
Gold prices traded higher by 0.11% against the USD in the 24 hour period ending 23:00GMT, at 1185.40 per ounce, as the USD lost ground after data released on Wednesday indicated that initial jobless claims data from the US for last week came in above expectations and the Chicago purchasing mangers’ index slumped to 58.3 in December from last month’s level of 60.8.
Holdings in the SPDR Gold Trust were unchanged yesterday at 709.02 metric tons, the lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1185.8, with Gold trading 0.03% higher from yesterday’s close.
The pair is expected to find support at 1183.00, and a fall through could take it to the next support level of 1180.20. The pair is expected to find its first resistance at 1188.40, and a rise through could take it to the next resistance level of 1191.00.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
