Gold Movement
On Friday, Gold prices traded lower by 2.90% against the USD in the period ending 21:00GMT, at 1153.30 per ounce, amid a broad strength in the greenback.
Meanwhile, in a surprise move, India lifted its restrictions on gold imports imposed last year amid ongoing festive wedding season in the nation, thus increasing the demand outlook of the commodity from the world’s second biggest consumer of gold.
In the Asian session, at GMT0400, the pair is trading at 1150.50, with the gold trading 0.24% lower from Friday’s close.
Gold prices further came under pressure after Swiss voters rejected proposals to boost the SNB’s gold reserves in a referendum held on 30 November.
The pair is expected to find support at 1132.03, and a fall through could take it to the next support level of 1113.56. The pair is expected to find its first resistance at 1178.63, and a rise through could take it to the next resistance level of 1206.76.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
