Gold Movement
Gold prices traded higher by 0.64% against the USD in the 24 hour period ending 23:00GMT, at 1202.50 per ounce, as demand for the safe-haven metal increased after an absence of agreement over Greece’s economic reforms heightened the possibility of the nation exiting the Euro-zone.
Meanwhile, holdings of SPDR Gold Trust remained unchanged at 739.06 tons from its previous close of 736.08 tons.
In the Asian session, at GMT0300, the pair is trading at 1199.00, with the gold trading 0.29% lower from yesterday’s close.
The pair is expected to find support at 1193.10, and a fall through could take it to the next support level of 1187.20. The pair is expected to find its first resistance at 1204.30, and a rise through could take it to the next resistance level of 1209.60.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
