Gold Movement
Gold prices traded higher by 0.22% against the USD in the 24 hour period ending 23:00GMT, at 1172.60 per ounce, as a broad weakness in the greenback coupled with a slump in the global equity markets bolstered demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1174.90, with the gold trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 1170.26, and a fall through could take it to the next support level of 1165.63. The pair is expected to find its first resistance at 1177.76, and a rise through could take it to the next resistance level of 1180.63.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
