Gold Movement
Gold prices traded lower by 0.35% against the USD in the 24 hour period ending 23:00GMT, at 1200.40 per ounce, after stronger than expected ISM non-manufacturing composite data in the US, dented the demand for the safe haven yellow metal.
Meanwhile, holdings in the SPDR Gold Trust declined to 760.80 tons on Wednesday, from its previous close of 769.49 tons on Tuesday.
In the Asian session, at GMT0400, the pair is trading at 1203.70, with the gold trading 0.27% higher from yesterday’s close.
The pair is expected to find support at 1198.13, and a fall through could take it to the next support level of 1192.56. The pair is expected to find its first resistance at 1208.83, and a rise through could take it to the next resistance level of 1213.96.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
