Gold Movement
On Friday, Gold prices traded higher by 1.01% against the USD in the period ending 21:00GMT, at 1182.50 per ounce, extending its previous session gains on the back of broad weakness in the greenback. Meanwhile, holdings in the SPDR Gold Trust remained unchanged at 749.77 tons on Friday from its previous close.
In the Asian session, at GMT0400, the pair is trading at 1181.90, with the gold trading a tad lower from Friday’s close.
The pair is expected to find support at 1170.73, and a fall through could take it to the next support level of 1159.56. The pair is expected to find its first resistance at 1190.23, and a rise through could take it to the next resistance level of 1198.56.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
