Gold Movement
Gold prices traded lower by 0.31% against the USD in the 24 hour period ending 23:00GMT, at 1205.80 per ounce.
Losses in gold prices were capped by disappointing economic data in the US, as weekly initial jobless claims showed a bigger than expected increase in the week ended 16 May.
Separately, gold holdings in the SPDR Gold Trust narrowed to 715.26 tons, from its previous close of 718.24 tons.
In the Asian session, at GMT0300, the pair is trading at 1205.90, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1200.33, and a fall through could take it to the next support level of 1194.76. The pair is expected to find its first resistance at 1211.93, and a rise through could take it to the next resistance level of 1217.96.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
