Gold Movement
Gold prices traded lower by 0.35% against the USD in the 24 hour period ending 23:00GMT, at 1207.80 per ounce, after number of people in the US claiming unemployment benefits for the first time increased less than expected, thus dented the demand for the safe-haven yellow metal.
Separately, gold holdings in the SPDR Gold Trust narrowed to 767.96 tons, compared to previous level of 768.26 tons.
In the Asian session, at GMT0400, the pair is trading at 1206.20, with the gold trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1199.96, and a fall through could take it to the next support level of 1193.73. The pair is expected to find its first resistance at 1217.66, and a rise through could take it to the next resistance level of 1229.13.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
