Gold Movement
Gold prices traded higher by 1.90% against the USD in the 24 hour period ending 23:00GMT, at 1214.70 per ounce, as the greenback weakened, after the US retail sales came in weaker than expected in April, thus enhancing the demand for the safe-haven yellow metal.
Separately, gold holdings of the SPDR Gold Trust remained unchanged at 728.32 tons.
In the Asian session, at GMT0300, the pair is trading at 1212.30, with the gold trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1195.83, and a fall through could take it to the next support level of 1179.36. The pair is expected to find its first resistance at 1223.63, and a rise through could take it to the next resistance level of 1234.96.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
