Gold Movement
On Friday Gold prices traded higher by 0.85% against the USD in the period ending 21:00GMT, at 1294.80 per ounce after the US reported a downbeat non-farm payroll data, diminishing the confidence over the labour market strength.
Meanwhile, data indicated that the US Mint sold 30,000 ounces of American Eagle gold coins in July, down 38% from June.
In the Asian session, at GMT0300, Gold is trading at 1293.7, 0.08% lower from Friday’s close.
Gold is expected to find support at 1283.67, and a fall through could take it to the next support level of 1273.63. Gold is expected to find its first resistance at 1301.07, and a rise through could take it to the next resistance level of 1308.43.
The yellow metal is showing convergence with its 20 Hr moving average and trading above 50 Hr moving average.
