Gold Movement
Gold prices traded higher by 0.29% against the USD in the 24 hour period ending 23:00GMT, at 1200.70 per ounce, rebounding from its previous session losses, following mixed economic data in the US.
Yesterday, the SPDR gold holdings remained unchanged for a fourth-consecutive day, close to its lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1197.70, with the gold trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 1190.40, and a fall through could take it to the next support level of 1183.10. The pair is expected to find its first resistance at 1203.60, and a rise through could take it to the next resistance level of 1209.50.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
