Gold Movement
Gold prices traded higher by 0.77% against the USD in the 24 hour period ending 23:00GMT, at 1205.00 per ounce, as a decline in the global equity markets due to increased tension in the Middle East spurred investors to switch their preference to the safe-haven yellow metal.
Separately, gold holdings in the SPDR Gold Trust, narrowed to 743.21 tons, from its previous level of 744.40 tons.
In the Asian session, at GMT0400, the pair is trading at 1202.60, with the gold trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1194.06, and a fall through could take it to the next support level of 1185.53. The pair is expected to find its first resistance at 1215.76, and a rise through could take it to the next resistance level of 1228.93.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
