Gold Movement
On Friday Gold prices traded lower by 0.20% against the USD in the period ending 21:00GMT, at 1293.50 per ounce, amid mixed batch of economic releases from the US, the world’s largest economy. Gold prices also came under pressure after the SPDR Gold Trust reported 0.26 tonnes decline in its holdings to 781.99 tonnes on Friday.
In the Asian session, at GMT0300, Gold is trading at 1295.10, 0.12% higher from Friday’s close.
Gold is expected to find support at 1289.10, and a fall through could take it to the next support level of 1283.10. Gold is expected to find its first resistance at 1299.70, and a rise through could take it to the next resistance level of 1304.30.
The yellow metal is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
