Gold Movement
On Friday Gold prices traded higher by 1.44% against the USD in the period ending 21:00GMT, at 1303.64 per ounce, as traders favoured the safe-haven metal after data from the US showed that the economy added less-than-expected jobs last month. Meanwhile, the SPDR Gold Trust, the world’s largest gold backed ETF, reported 1.80 tonnes decline in its holdings on Friday.
In the Asian session, at GMT0300, Gold is trading at 1303.11, marginally lower from Friday’s close, as markets in China, the world’s largest buyer of gold, remained closed on account of Ching Ming festival.
Gold is expected to find support at 1289.15, and a fall through could take it to the next support level of 1275.20. Gold is expected to find its first resistance at 1312.18, and a rise through could take it to the next resistance level of 1321.26.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
