Gold Movement
Gold prices traded lower by 0.75% against the USD in the 24 hour period ending 23:00GMT, at 1183.10 per ounce, as better than expected initial jobless claims data in the US, dented demand for the safe-haven metal as an alternative investment.
Meanwhile, gold holdings of the SPDR Gold Trust remained unchanged at 741.75 tons, from its previous close of 739.06 tons.
In the Asian session, at GMT0300, the pair is trading at 1183.1, with the gold trading flat from yesterday’s close.
The pair is expected to find support at 1177.93, and a fall through could take it to the next support level of 1172.76. The pair is expected to find its first resistance at 1188.23, and a rise through could take it to the next resistance level of 1193.36.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
