Gold Movement
Gold prices traded higher by 0.47% against the USD in the 24 hour period ending 23:00GMT, at 1193.40 per ounce, amid a broad slump in the global equity markets, thus enhancing the demand for the safe-haven yellow metal.
Separately, Gold holdings of the SPDR Gold Trust, remained unchanged at 741.75 tons from its previous close of 739.06 tons.
In the Asian session, at GMT0300, the pair is trading at 1194.50, with the gold trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1186.50, and a fall through could take it to the next support level of 1178.50. The pair is expected to find its first resistance at 1200.90, and a rise through could take it to the next resistance level of 1207.30.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
