Gold Movement
On Friday Gold prices traded higher by 0.87% against the USD in the period ending 21:00GMT, at 1268.15 per ounce, after disappointing US labour market data, raised speculations that the slowing economic outlook would force the Federal Reserve to persist with its current stimulus for a longer period.
The yellow metal received further support after China, the world’s largest consumer returned to the physical gold markets strongly, following the Lunar New Year break.
In the Asian session, at GMT0400, Gold is trading at 1269.04, 0.07% higher from Friday’s close. Earlier today, a report from China showed that demand for the precious metal surged by a record 41% to 1,176.4 metric tons, last year.
Gold is expected to find support at 1259.66, and a fall through could take it to the next support level of 1250.29. Gold is expected to find its first resistance at 1275.30, and a rise through could take it to the next resistance level of 1281.57.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
