Gold Movement
Gold prices traded lower by 0.13% against the USD in the 24 hour period ending 23:00GMT, at 1093.80 per ounce.
However, losses in gold prices were capped, as the greenback weakened against its major counterparts coupled with a slump in the global equity markets, led by a sharp sell-off on the Shanghai stock index.
Separately, gold holdings in the SPDR Gold Trust decreased to 680.15 tons, from its previous close of 684.63 tons.
In the Asian session, at GMT0300, the pair is trading at 1095.00, with the gold trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1087.03, and a fall through could take it to the next support level of 1079.06. The pair is expected to find its first resistance at 1103.93, and a rise through could take it to the next resistance level of 1112.86.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
