Gold Movement
Gold prices traded higher by 0.94% against the USD in the 24 hour period ending 23:00GMT, at 1193.00 per ounce, after downbeat weekly initial jobless claims and manufacturing PMI in the US, thus enhancing the demand outlook for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1193.30, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1181.53, and a fall through could take it to the next support level of 1169.76. The pair is expected to find its first resistance at 1200.83, and a rise through could take it to the next resistance level of 1208.36.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
