Gold Movement
Gold prices traded lower by 0.11% against the USD in the 24 hour period ending 23:00GMT, at 1204.60 per ounce, on the back of a robust German retail sales data that indicated that the Euro- economy was reviving, thus reducing the precious metal’s safe-haven appeal. Meanwhile, holdings in the SPDR Gold Trust declined to 769.49 tons yesterday, from its previous close of 771.25 tons.
In the Asian session, at GMT0400, the pair is trading at 1206.00, with the gold trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1199.93, and a fall through could take it to the next support level of 1193.86. The pair is expected to find its first resistance at 1213.23, and a rise through could take it to the next resistance level of 1220.46.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
