Gold Movement
On Friday, Gold prices traded higher by 0.44% against the USD in the period ending 21:00GMT, at 1203.50 per ounce, on the back of a slump in the global equity markets as concerns increased related to the Greek debt crisis.
Meanwhile, holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 736.08 tons, from its previous close of 734.29 tons.
In the Asian session, at GMT0300, the pair is trading at 1204.30, with the gold trading 0.07% higher from Friday’s close.
The pair is expected to find support at 1198.26, and a fall through could take it to the next support level of 1192.23. The pair is expected to find its first resistance at 1209.06, and a rise through could take it to the next resistance level of 1213.83.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
