Gold Movement
Gold prices traded higher by 0.34% against the USD in the 24-hour period ending 23:00GMT, at 1280.60 per ounce, amid a broad slump in global equity markets.
Separately, gold holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.56% to 855.89 tonnes, the highest level since November 2013.
In the Asian session, at GMT0300, the pair is trading at 1277.60, with the gold trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 1270.50, and a fall through could take it to the next support level of 1263.40. The pair is expected to find its first resistance at 1284.30, and a rise through could take it to the next resistance level of 1291.00.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
