Gold Movement
Gold prices traded lower by 0.19% against the USD in the 24 hour period ending 23:00GMT, at 1229.80 per ounce, extending its previous session losses. Losses were trimmed after the US retail sales fell more than anticipated in December.
Separately, the SPDR Gold Trust revealed that its gold holdings dropped for the first time in this week.
In the Asian session, at GMT0400, the pair is trading at 1231.10, with the gold trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1222.80, and a fall through could take it to the next support level of 1214.50. The pair is expected to find its first resistance at 1242.00, and a rise through could take it to the next resistance level of 1252.90.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
