Gold Movement
Gold prices traded lower by 0.14% against the USD in the 24 hour period ending 23:00GMT, at 1140.20 per ounce, after the US registered encouraging weekly initial jobless claims data, thus weakening the demand outlook of the precious yellow metal.
Separately, the SPDR Gold Trust indicated that its gold holdings shrank to 732.83 tons, its lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1140.1, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1135.20, and a fall through could take it to the next support level of 1130.30. The pair is expected to find its first resistance at 1147.0, and a rise through could take it to the next resistance level of 1153.90.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
