Gold Movement
Gold prices traded higher by 1.36% against the USD in the 24 hour period ending 23:00GMT, at 1203.80 per ounce, amid a broad weakening in the greenback coupled with a decline in global equity markets.
Yesterday, the SPDR Gold Trust reported that its gold holdings contracted for the first time since November 28.
In the Asian session, at GMT0400, the pair is trading at 1201.80, with the gold trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1192.43, and a fall through could take it to the next support level of 1183.06. The pair is expected to find its first resistance at 1210.23, and a rise through could take it to the next resistance level of 1218.66.
The yellow metal is trading slightly above with its 20 Hr and 50 Hr moving averages.
