Gold Movement
On Friday, Gold prices traded higher by 0.47% against the USD in the period ending 21:00GMT, at 1228.60 per ounce, after the US Michigan consumer confidence index unexpectedly fell in February, from an 11-year high recorded in prior month, thus boosting demand for the safe-haven yellow metal.
Meanwhile, gold holdings in the SPDR Gold Trust dropped to 771.51 tons, from its previous level of 773.31 tons.
In the Asian session, at GMT0400, the pair is trading at 1232.70, with the gold trading 0.33% higher from Friday’s close.
The pair is expected to find support at 1225.50, and a fall through could take it to the next support level of 1218.30. The pair is expected to find its first resistance at 1237.40, and a rise through could take it to the next resistance level of 1242.10.
The yellow metal is trading above 20 Hr and 50 Hr moving averages.
