Gold Movement
On Friday, Gold prices traded higher by 0.26% against the USD in the period ending 21:00GMT, at 1224.40 per ounce, on the back of weak economic data in the US, thus enhancing demand for the safe-haven yellow metal as an alternative investment.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, narrowed to 723.91 tons, from its prior close of 728.32 tons.
In the Asian session, at GMT0300, the pair is trading at 1223.80, with the gold trading marginally lower from Friday’s close.
The pair is expected to find support at 1214.33, and a fall through could take it to the next support level of 1204.86. The pair is expected to find its first resistance at 1229.53, and a rise through could take it to the next resistance level of 1235.26.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
