Gold Movement
On Friday, Gold prices traded higher by 1.92% against the USD in the period ending 21:00GMT, at 1283.50 per ounce, rebounding strongly from its previous session losses, following dismal US 4Q GDP data, as the nation’s economy rose less than anticipated, thus prompting investors to seek the safe-haven appeal of the precious yellow metal.
Separately, gold holdings in the SPDR Gold Trust expanded to 758.37 tons, from its previous level of 752.70 tons.
In the Asian session, at GMT0400, the pair is trading at 1280.70, with the gold trading 0.22% lower from Friday’s close.
The pair is expected to find support at 1264.06, and a fall through could take it to the next support level of 1247.43. The pair is expected to find its first resistance at 1291.36, and a rise through could take it to the next resistance level of 1302.03.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
