Gold Movement
Gold prices traded lower by 0.08% against the USD in the 24 hour period ending 23:00GMT, at 1201.40 per ounce, as a strong rally in the global equity markets somewhat dented the safe haven appeal of the precious metal.
In the Asian session, at GMT0400, the pair is trading at 1209.30, with the gold trading 0.66% higher from yesterday’s close.
The pair is expected to find support at 1196.16, and a fall through could take it to the next support level of 1183.03. The pair is expected to find its first resistance at 1216.26, and a rise through could take it to the next resistance level of 1223.23.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
