Gold Movement
Gold prices traded higher by 0.65% against the USD in the 24 hour period ending 23:00GMT, at 1226.00 per ounce. However, gain’s in the yellow metal were limited after data from the US showed that the number of people claiming unemployment benefits fell more than anticipated, thus fueling optimism over nation’s labour market.
In the Asian session, at GMT0300, the pair is trading at 1224.5, with the gold trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1217.6333, and a fall through could take it to the next support level of 1210.7667. The pair is expected to find its first resistance at 1230.0333, and a rise through could take it to the next resistance level of 1235.5667.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
