Gold Movement
Gold prices traded higher by 0.80% against the USD in the 24 hour period ending 23:00GMT, at 1240.70 per ounce, following disappointing economic releases from the US, thereby increasing yellow metal’s appeal. Meanwhile, gold prices continued to remain supported on the back of stronger physical demand, mainly from seasonal buying in India and China.
In the Asian session, at GMT0300, the pair is trading at 1238.10, with the gold trading 0.21% lower from yesterday’s close.
The pair is expected to find support at 1223.30, and a fall through could take it to the next support level of 1208.50. The pair is expected to find its first resistance at 1251.60, and a rise through could take it to the next resistance level of 1265.10.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
