Gold Movement
On Friday, Gold prices traded lower by 0.15% against the USD in the period ending 21:00GMT, at 1230.40 per ounce, as upbeat economic data from the US lowered demand for the precious yellow metal. Meanwhile, growing speculations that the Federal Reserve would end its bond-buying program at its monthly monetary policy meeting scheduled this week, weighed on the prices of the yellow metal.
Data revealed that holdings in the SPDR Trust declined 2.0% last week to 745.39 metric tons.
In the Asian session, at GMT0400, the pair is trading at 1230.3, with the gold trading a tad lower from Friday’s close.
The pair is expected to find support at 1226.90, and a fall through could take it to the next support level of 1223.50. The pair is expected to find its first resistance at 1234.20, and a rise through could take it to the next resistance level of 1238.10.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
