Gold Movement
Gold prices traded higher by 0.77% against the USD in the 24 hour period ending 23:00GMT, at 1198.50 per ounce, rebounding from its previous session losses.
However, gold pared its gains after data from the US showed weekly initial claims for unemployment benefits unexpectedly declined.
Separately, holdings in the SPDR Gold Trust remained unchanged at 721.56 tons.
In the Asian session, at GMT0400, the pair is trading at 1196.9, with the gold trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1188.43, and a fall through could take it to the next support level of 1179.96. The pair is expected to find its first resistance at 1209.63, and a rise through could take it to the next resistance level of 1222.37.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
