Gold Movement
Gold prices traded 0.12% higher against the USD in the 24-hour period ending 23:00GMT, at USD1318.20 per ounce, reversing its previous session losses, amid a broad weakness in the greenback.
Separately, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.28% to 950.05 tonnes, the highest since July 2013.
In the Asian session, at GMT0300, the pair is trading at 1318.9, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1313.47, and a fall through could take it to the next support level of 1308.03. The pair is expected to find its first resistance at 1327.67, and a rise through could take it to the next resistance level of 1336.43.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
