Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.88% against the USD and closed at USD1289.50 per ounce, amid a slump in global equities and as risk aversion increased on growing concerns about the US Presidential election.
Meanwhile, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund rose to 945.26 tons, from its previous close of 942.59 tons.
In the Asian session, at GMT0400, the pair is trading at 1291.70, with the gold trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1281.57, and a fall through could take it to the next support level of 1271.43. The pair is expected to find its first resistance at 1297.37, and a rise through could take it to the next resistance level of 1303.03.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
