Gold Movement
Gold prices traded lower by 1.69% against the USD in the 24 hour period ending 23:00GMT, at 1183.50 per ounce, after the US registered upbeat initial jobless benefits data, thus denting the safe-haven demand of the precious yellow metal.
Separately, data showed that gold holdings in the SPDR Gold Trust remained unchanged at 739.06 tons from its previous close of 742.35 tons.
In the Asian session, at GMT0300, the pair is trading at 1182.50, with the gold trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1169.86, and a fall through could take it to the next support level of 1157.23. The pair is expected to find its first resistance at 1201.26, and a rise through could take it to the next resistance level of 1220.03.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
