Gold Movement
Gold prices traded higher by 0.09% against the USD in the 24 hour period ending 23:00GMT, at 1185.40 per ounce, as dismal industrial and manufacturing production data in the US, enhanced demand for the safe-haven precious metal.
Gold prices further found support, as concerns of a Greek default heightened after negotiation between the nation and its creditors collapsed last week.
In the Asian session, at GMT0300, the pair is trading at 1186.40, with the gold trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1175.46, and a fall through could take it to the next support level of 1164.53. The pair is expected to find its first resistance at 1193.76, and a rise through could take it to the next resistance level of 1201.13.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
