Gold Movement
Gold prices traded higher by 0.78% against the USD in the 24 hour period ending 23:00GMT, at 1192.10 per ounce, as a broad weakening in the greenback coupled with a slump in the global equity markets enhanced demand for the safe-haven yellow metal.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 728.32 tons from its previous close of 739.06 tons.
In the Asian session, at GMT0300, the pair is trading at 1193.4, with the gold trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1183.30, and a fall through could take it to the next support level of 1173.20. The pair is expected to find its first resistance at 1199.90, and a rise through could take it to the next resistance level of 1206.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
