Gold Movement
Gold prices traded lower by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1198.20 per ounce. Losses in yellow metal were kept in check, following weak initial jobless claims data in the US.
Meanwhile, gold Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 736.08 tons.
In the Asian session, at GMT0300, the pair is trading at 1197.60, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1191.66, and a fall through could take it to the next support level of 1185.73. The pair is expected to find its first resistance at 1206.16, and a rise through could take it to the next resistance level of 1214.73.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
