Gold Movement
Gold prices traded lower by 0.68% against the USD in the 24 hour period ending 23:00GMT, at 1185.20 per ounce, on signs that the ECB could alter its stimulus plan, while the US ADP employment data beat expectations, thus denting the safe-haven demand of the precious-yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1184.00, with the gold trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1177.26, and a fall through could take it to the next support level of 1170.53. The pair is expected to find its first resistance at 1192.56, and a rise through could take it to the next resistance level of 1201.13.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
