Gold Movement
Gold prices traded higher by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1139.40 per ounce, as a massive sell-off in the global equity markets coupled with downbeat economic releases from the US and China, prompted investors to turn to the safe-haven precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1138.10, with the gold trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1132.90, and a fall through could take it to the next support level of 1127.70. The pair is expected to find its first resistance at 1145.30, and a rise through could take it to the next resistance level of 1152.50.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
