Gold Movement
Gold prices traded lower by 1.27% against the USD in the 24 hour period ending 23:00GMT, at 1187.20 per ounce, after upbeat economic data from the US showed that existing home sales in March surged much more than expected, thus hurting the demand for the safe-haven yellow metal, as an alternative investment.
Separately, gold holdings in the SPDR Gold Trust edged up to 742.35 tons, from its previous level of 739.06 tons.
In the Asian session, at GMT0300, the pair is trading at 1187.00, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1178.93, and a fall through could take it to the next support level of 1170.86. The pair is expected to find its first resistance at 1199.73, and a rise through could take it to the next resistance level of 1212.46.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
