Gold Movement
Gold prices traded lower by 1.33% against the USD in the 24 hour period ending 23:00GMT, at 1069.30 per ounce, reversing its previous session gains, amid a broad strength in the greenback.
Separately, assets in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, tumbled 0.7% to 634.6 tonnes, the lowest since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1071.1, with the gold trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1062.27, and a fall through could take it to the next support level of 1053.43. The pair is expected to find its first resistance at 1082.67, and a rise through could take it to the next resistance level of 1094.23.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
