Gold Movement
Gold prices traded lower by 0.44% against the USD in the 24 hour period ending 23:00GMT, at 1212.20 per ounce, amid a broad strength in the greenback coupled with a rise in global equity markets.
Separately, the SPDR Gold Trust showed that its gold holdings contracted for the second consecutive day to 704.83 metric tons, posting its level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1207.30, with the gold trading 0.4% lower from yesterday’s close.
The pair is expected to find support at 1202.76, and a fall through could take it to the next support level of 1198.23. The pair is expected to find its first resistance at 1215.16, and a rise through could take it to the next resistance level of 1223.03.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
