Gold Movement
On Friday, Gold prices traded higher by 0.21% against the USD in the period ending 21:00GMT, at 1212.40 per ounce, after the US economy in the fourth quarter registered a slower pace of expansion than earlier reported, thus increasing the demand for the safe-haven yellow metal.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 771.25 tons.
In the Asian session, at GMT0400, the pair is trading at 1220.80, with the gold trading 0.69% higher from Friday’s close.
The pair is expected to find support at 1208.93, and a fall through could take it to the next support level of 1197.06. The pair is expected to find its first resistance at 1227.83, and a rise through could take it to the next resistance level of 1234.86.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
