Gold Movement
Gold prices traded higher by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1209.80 per ounce, on the back of worse than expected CPI and initial jobless claims data in the US, thus increasing the demand for the safe-haven yellow metal.
Meanwhile, gold holdings in the SPDR Gold Trust remained unchanged at 771.25 tons.
In the Asian session, at GMT0400, the pair is trading at 1209.70, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1204.16, and a fall through could take it to the next support level of 1198.63. The pair is expected to find its first resistance at 1217.56, and a rise through could take it to the next resistance level of 1225.43.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
