Gold Movement
Gold prices traded higher by 1.08% against the USD in the 24 hour period ending 23:00GMT, at 1209.10 per ounce, following weaker than expected ADP employment data in the US, thereby enhancing the demand outlook of the safe-haven yellow metal.
Yesterday, the SPDR Gold Trust reported that its gold holdings increased to 720.02 tons from its previous close of 717.63 tons.
In the Asian session, at GMT0400, the pair is trading at 1205.90, with the gold trading 0.26% lower from yesterday’s close.
The pair is expected to find support at 1197.73, and a fall through could take it to the next support level of 1189.56. The pair is expected to find its first resistance at 1214.53, and a rise through could take it to the next resistance level of 1223.16.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
