Gold Movement
Gold prices traded higher by 0.26% against the USD in the 24 hour period ending 23:00GMT, at 1169.00 per ounce, as a broad decline in global equity markets and dismal economic data from the US, enhanced the demand outlook of the precious yellow metal.
Separately, holdings in the SPDR Gold trust declined to 738.8 metric tons, its lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1163.0, with the gold trading 0.51% lower from yesterday’s close.
The pair is expected to find support at 1158.66, and a fall through could take it to the next support level of 1154.33. The pair is expected to find its first resistance at 1171.16, and a rise through could take it to the next resistance level of 1179.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
