Gold Movement
Gold prices traded higher by 0.54% against the USD in the 24 hour period ending 23:00GMT, at 1221.20 per ounce, as a broad weakness in the greenback against its major counterparts burnished demand for the safe-haven yellow metal.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 728.32.
In the Asian session, at GMT0300, the pair is trading at 1219.20, with the gold trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1211.50, and a fall through could take it to the next support level of 1203.80. The pair is expected to find its first resistance at 1227.30, and a rise through could take it to the next resistance level of 1235.40.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
