Gold: Yellow metal trading higher in the Asian session

Gold

Gold Movement

Gold prices traded lower by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1207.70 per ounce, on the back of rise in global equity markets coupled with broad strength in the greenback.

Separately, the SPDR Gold Trust revealed that its gold holdings edged down to 704.83 tons yesterday.

In the Asian session, at GMT0400, the pair is trading at 1211.10, with the gold trading 0.28% higher from yesterday’s close.

The pair is expected to find support at 1204.60, and a fall through could take it to the next support level of 1198.10. The pair is expected to find its first resistance at 1217.20, and a rise through could take it to the next resistance level of 1223.30.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

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