Gold Movement
Gold prices traded lower by 1.89% against the USD in the 24 hour period ending 23:00GMT, at 1151.60 per ounce, amid a broad strength in the US Dollar.
Meanwhile, holdings in the SPDR Gold Trust declined for the 5th consecutive day, registering its lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1151.10, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1140.46, and a fall through could take it to the next support level of 1129.83. The pair is expected to find its first resistance at 1167.96, and a rise through could take it to the next resistance level of 1184.83.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
