Gold Movement
Gold prices traded lower by 0.34% against the USD in the 24 hour period ending 23:00GMT, at 1197.20 per ounce, reversing its previous session gains.
Yesterday, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 720.91 tons.
In the Asian session, at GMT0400, the pair is trading at 1197.70, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1192.16, and a fall through could take it to the next support level of 1186.63. The pair is expected to find its first resistance at 1203.26, and a rise through could take it to the next resistance level of 1208.83.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
