Gold Movement
Gold prices traded lower by 0.98% against the USD in the 24 hour period ending 23:00GMT, at 1186.40 per ounce, amid broad gains in the global equity markets coupled with strengthening of the greenback which decreased the demand for alternative investments.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 737.24 tons.
In the Asian session, at GMT0300, the pair is trading at 1183.60, with the gold trading 0.24% lower from yesterday’s close.
The pair is expected to find support at 1178.76, and a fall through could take it to the next support level of 1173.93. The pair is expected to find its first resistance at 1191.86, and a rise through could take it to the next resistance level of 1200.13.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
