Gold Movement
On Friday, Gold prices traded lower by 2.44% against the USD in the period ending 21:00GMT, at 1235.80 per ounce, as non-farm payrolls in the US increased by more than anticipated in January, thus reducing the safe haven demand for the precious metal and raising speculations that the Fed would go for an interest rate hike by middle of this year.
Separately, gold holdings in the SPDR Gold Trust expanded to 773.31 tons, from its previous level of 767.93 tons.
In the Asian session, at GMT0400, the pair is trading at 1236.80, with the gold trading 0.08% higher from Friday’s close.
The pair is expected to find support at 1220.33, and a fall through could take it to the next support level of 1203.86. The pair is expected to find its first resistance at 1261.13, and a rise through could take it to the next resistance level of 1285.46.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
