Gold Movement
Gold prices traded lower by 1.04% against the USD in the 24 hour period ending 23:00GMT, at 1183.50 per ounce, amid a broad strength in the greenback. Meanwhile, holdings in the SPDR Gold Trust, the largest exchange-traded product recorded a six-year low level of 712.3 metric tons.
Separately, official data from China revealed that the nation imported 149,257 kgs of gold from Hong Kong in November, 34% higher as compared to the previous month figure.
In the Asian session at 4:00GMT, gold is trading at USD1186.30 per ounce 0.24% higher from 23:00GMT.
The pair is expected to find support at 1177.77, and a fall through could take it to the next support level of 1169.23. The pair is expected to find its first resistance at 1195.67, and a rise through could take it to the next resistance level of 1205.03.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
