Gold Movement
Gold prices traded lower by 0.78% against the USD in the 24 hour period ending 23:00GMT, at 1232.30 per ounce, amid a broad rise in global equity markets.
Separately, holdings of the SPDR Gold Trust dropped to 749.87 tons, the lowest level since November 2008.
In the Asian session, at GMT0300, the pair is trading at 1229.5, with the gold trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 1222.23, and a fall through could take it to the next support level of 1214.96. The pair is expected to find its first resistance at 1240.83, and a rise through could take it to the next resistance level of 1252.16.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
