Gold Movement
Gold prices traded lower by 0.36% against the USD in the 24 hour period ending 23:00GMT, at 1234.40 per ounce, amid an upward trend in the global equity markets.
Meanwhile, bullion investors continued to keep a close eye on the developments regarding Greece’s future in the Euro-zone.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 773.31 tons.
In the Asian session, at GMT0400, the pair is trading at 1236.40, with the gold trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1229.36, and a fall through could take it to the next support level of 1222.33. The pair is expected to find its first resistance at 1244.66, and a rise through could take it to the next resistance level of 1252.93.
The yellow metal is showing convergence with its 20 Hr moving average and trading slightly above its 50 Hr moving average.
