Gold Movement
Gold prices traded higher 1.65% against the USD in the 24 hour period ending 23:00GMT, at 1132.30 per ounce, as weak US ISM manufacturing data enhanced the demand for the safe-haven yellow metal.
Meanwhile, gold holdings of the SPDR Gold Trust, expanded to 687.42 tons, from its previous close of 684.14 tons.
In the Asian session, at GMT0300, the pair is trading at 1111.20, with the gold trading 1.86% lower from yesterday’s close.
The pair is expected to find support at 1108.16, and a fall through could take it to the next support level of 1105.13. The pair is expected to find its first resistance at 1116.36, and a rise through could take it to the next resistance level of 1121.53.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
