Gold Movement
Gold prices traded higher by 0.08% against the USD in the 24 hour period ending 23:00GMT, at 1161.90 per ounce, following disappointing economic data from the US, with initial jobless claims climbing to a 6-week high in the week ended 08 November.
Yesterday, the SPDR Gold Trust reported that its gold holdings slumped to a 6-year low of 720.62 metric tons, contracting for the eighth consecutive day.
In the Asian session, at GMT0400, the pair is trading at 1159.40, with the gold trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1152.46, and a fall through could take it to the next support level of 1145.53. The pair is expected to find its first resistance at 1166.86, and a rise through could take it to the next resistance level of 1174.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
