Gold Movement
On Friday, Gold prices traded higher by 0.08% against the USD in the period ending 21:00GMT, at 1154.40 per ounce, after the US Michigan preliminary consumer sentiment unexpectedly fell short of market expectations, thus increasing demand for the safe-haven yellow metal.
Meanwhile, gold holdings of the SPDR Gold Trust narrowed to 750.95 tons, from its previous level of 753.04 tons.
In the Asian session, at GMT0400, the pair is trading at 1157.90, with the gold trading 0.3% higher from Friday’s close.
The pair is expected to find support at 1151.93, and a fall through could take it to the next support level of 1145.96. The pair is expected to find its first resistance at 1162.33, and a rise through could take it to the next resistance level of 1166.76.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
