Gold Movement
Gold prices traded lower by 0.42% against the USD in the 24 hour period ending 23:00GMT, at 1275.10 per ounce, amid a strong rally in the global equity markets.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 758.37 tons.
In the Asian session, at GMT0400, the pair is trading at 1274.70, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1266.53, and a fall through could take it to the next support level of 1258.36. The pair is expected to find its first resistance at 1282.83, and a rise through could take it to the next resistance level of 1290.96.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
