Gold Movement
Gold prices traded higher by 0.38% against the USD in the 24 hour period ending 23:00GMT, at 1222.90 per ounce, as the greenback weakened, after advance retail sales in the US dropped more than anticipated in January and weekly initial jobless benefits rose more than expected, thus boosting the demand for the safe-haven metal.
In the Asian session, at GMT0400, the pair is trading at 1228, with the gold trading 0.42% higher from yesterday’s close.
The pair is expected to find support at 1220.26, and a fall through could take it to the next support level of 1212.53. The pair is expected to find its first resistance at 1234.26, and a rise through could take it to the next resistance level of 1240.53.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
