Gold Movement
Gold prices traded higher by 1.27% against the USD in the 24 hour period ending 23:00GMT, at 1203.10 per ounce, reversing its previous session losses amid a slump in global equity markets due to concerns over the Greek crisis.
Yesterday, the SPDR Gold Trust showed that its gold holdings remained unchanged at 709.02 tons. Another data revealed that the US Mint sold 42,000 ounces of gold coins yesterday as compared to 18,000 ounces of gold coins registered in the whole of December.
In the Asian session, at GMT0400, the pair is trading at 1205.70, with the gold trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 1192.30, and a fall through could take it to the next support level of 1178.90. The pair is expected to find its first resistance at 1213.30, and a rise through could take it to the next resistance level of 1220.90.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
