Gold Movement
Gold prices traded lower by 1.61% against the USD in the 24 hour period ending 23:00GMT, at 1188.10 per ounce, as the greenback rallied against its peers, denting the appeal of the commodities as an alternative investment.
Separately, gold holdings of the SPDR Gold Trust remained unchanged at 715.26 tons from its previous close of 718.24 tons.
In the Asian session, at GMT0300, the pair is trading at 1188.40, with the gold trading a tad higher from yesterday’s close.
The pair is expected to find support at 1180.50, and a fall through could take it to the next support level of 1172.60. The pair is expected to find its first resistance at 1201.40, and a rise through could take it to the next resistance level of 1214.40.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
