Gold Movement
Gold prices traded lower by 0.79% against the USD in the 24 hour period ending 23:00GMT, at 1194.80 per ounce, as a broad strength in the greenback coupled with a rally in the global equity markets decreased the demand for the precious metal as an alternative investment.
In the Asian session, at GMT0300, the pair is trading at 1195.5, with the gold trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1187.86, and a fall through could take it to the next support level of 1180.23. The pair is expected to find its first resistance at 1206.06, and a rise through could take it to the next resistance level of 1216.63.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
