Gold Movement
Gold prices traded lower by 0.39% against the USD in the 24 hour period ending 23:00GMT, at 1196.00 per ounce, reversing its previous session gains after durable goods orders rebounded strongly in the US.
Separately, the SPDR Gold Trust reported that its gold holdings contracted to 718.82 metric tons, posting its lowest level since September 2008.
Meanwhile, investors await the outcome of the Swiss referendum on the SNB’s gold reserves, scheduled on November 30.
In the Asian session, at GMT0400, the pair is trading at 1191.00, with the gold trading 0.42% lower from yesterday’s close.
The pair is expected to find support at 1187.86, and a fall through could take it to the next support level of 1184.73. The pair is expected to find its first resistance at 1197.06, and a rise through could take it to the next resistance level of 1203.13.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
