Gold Movement
On Friday Gold prices traded higher by 2.70% against the USD in the period ending 21:00GMT, at 1171.00 per ounce on the back of weakened greenback, after the US registered a weaker than expected non-farm payrolls data in October.
The SPDR Gold Trust reported that its gold holdings decreased for the fourth-consecutive day, marking its lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1171.50, with the gold trading marginally higher from Friday’s close.
The pair is expected to find support at 1141.6, and a fall through could take it to the next support level of 1111.70. The pair is expected to find its first resistance at 1190.20, and a rise through could take it to the next resistance level of 1208.90.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
