Gold Movement
Gold prices traded higher by 1.03% against the USD in the 24 hour period ending 23:00GMT, at 1163.50 per ounce, reversing its losses amid a broad weakening in the greenback.
Meanwhile, holdings in the SPDR Gold Trust slumped for a sixth consecutive day to a six-year low level yesterday.
In the Asian session, at GMT0400, the pair is trading at 1162.70, with the gold trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1147.96, and a fall through could take it to the next support level of 1133.23. The pair is expected to find its first resistance at 1174.96, and a rise through could take it to the next resistance level of 1187.23.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
