Gold Movement
Gold prices traded lower by 1.62% against the USD in the 24-hour period ending 23:00GMT, at 1229.80 per ounce, after the release of robust US new home sales data led to a broad strength in the greenback.
Separately, holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, fell 0.44% to 868.66 tonnes, its first decline in a month.
In the Asian session, at GMT0300, the pair is trading at 1231.30, with the gold trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1221.47, and a fall through could take it to the next support level of 1211.63. The pair is expected to find its first resistance at 1246.07, and a rise through could take it to the next resistance level of 1260.83.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
