Gold Movement
Gold prices traded 0.79% higher against the USD in the 24-hour period ending 23:00GMT, at USD1286.40 per ounce, rising for the fourth straight session, amid a weaker greenback and sliding global equity markets, ahead of key central bank meetings this week.
Separately, holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, rose 0.27% to 896.3 tonnes, the highest since October 2013.
In the Asian session, at GMT0300, the pair is trading at USD1284.40, with the gold trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1276.97, and a fall through could take it to the next support level of 1269.53. The pair is expected to find its first resistance at 1291.07, and a rise through could take it to the next resistance level of 1297.73.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
