Gold Movement
Gold prices traded lower by 1.13% against the USD in the 24 hour period ending 23:00GMT, at 1185.30 per ounce, amid rising expectations that a deal between Greece and its creditors will eventually be reached and the nation will avoid defaulting.
Meanwhile, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 701.90 tons.
In the Asian session, at GMT0300, the pair is trading at 1185.8, with the gold trading a tad higher from yesterday’s close.
The pair is expected to find support at 1178.33, and a fall through could take it to the next support level of 1170.8667. The pair is expected to find its first resistance at 1196.53, and a rise through could take it to the next resistance level of 1207.26.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
