Gold Movement
On Friday, Gold prices traded lower by 0.11% against the USD in the period ending 21:00GMT, at 1223.50 per ounce, amid a broad strength in the greenback. Meanwhile, holdings in SPDR Gold Trust declined 2.64 tonnes to 759.44 tonnes, its lowest level since December 2008.
In the Asian session, at GMT0300, the pair is trading at 1233.5, with the gold trading 0.82% higher from Friday’s close.
The pair is expected to find support at 1222.17, and a fall through could take it to the next support level of 1210.83. The pair is expected to find its first resistance at 1240.27, and a rise through could take it to the next resistance level of 1247.03.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
