Gold Movement
Gold prices traded lower by 0.42% against the USD in the 24 hour period ending 23:00GMT, at 1156.50 per ounce, as Greece reached an agreement with its creditors and secured a third bailout deal in order to avoid its ejection from the Euro-zone, dented the demand of the safe-haven yellow metal.
Separately, gold holdings in the SPDR Gold Trust slightly edged up to 707.58 tons, from its previous close of 707.55 tons.
In the Asian session, at GMT0300, the pair is trading at 1154.90, with the gold trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1148.60, and a fall through could take it to the next support level of 1142.30. The pair is expected to find its first resistance at 1162.40, and a rise through could take it to the next resistance level of 1169.90.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
