Gold Movement
Gold prices traded 3.01% higher against the USD in the 24-hour period ending 23:00GMT, at 1246.50 per ounce, posting its biggest one-day gain in nearly three months, after downbeat US non-farm payrolls report sharply cut the chances of a near-term Federal Reserve interest rate hike.
Separately, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.71% to 881.44 tonnes, the highest since October 2013.
In the Asian session, at GMT0300, the pair is trading at 1244.10, with the gold trading 0.19% lower from Friday’s close.
The pair is expected to find support at 1220.43, and a fall through could take it to the next support level of 1196.77. The pair is expected to find its first resistance at 1259.53, and a rise through could take it to the next resistance level of 1274.97.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
