Gold Movement
Gold prices traded higher by 2.74% against the USD in the 24 hour period ending 23:00GMT, at 1263.50 per ounce, after the SNB decided to end its currency ceiling against the Euro. Gold prices also found support after initial unemployment benefits in the US jumped to 4-month high level in the week ended January 10.
In the Asian session, at GMT0400, the pair is trading at 1259.40, with the gold trading 0.32% lower from yesterday’s close.
The pair is expected to find support at 1234.60, and a fall through could take it to the next support level of 1209.80. The pair is expected to find its first resistance at 1275.70, and a rise through could take it to the next resistance level of 1292.00
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
