Gold Movement
Gold prices traded lower by 0.60% against the USD in the 24 hour period ending 23:00GMT, at 1132.60 per ounce, as the global equity markets traded higher, thus denting the safe-haven demand of the precious yellow metal.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 682.59 tons, compared to its previous level.
In the Asian session, at GMT0300, the pair is trading at 1132.5, with the gold trading slightly lower from yesterday’s close.
The pair is expected to find support at 1128.10, and a fall through could take it to the next support level of 1123.70. The pair is expected to find its first resistance at 1139.40, and a rise through could take it to the next resistance level of 1146.30.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
