Gold Movement
On Friday Gold prices traded higher by 2.35% against the USD in the period ending 21:00GMT, at 1189.20 per ounce, as the US Treasury yields failed to register gains despite data revealing a better-than-expected US retail sales and Michigan confidence data.
Meanwhile, the SPDR Gold Trust reported that its gold holdings remained unchanged at 720.62 tons, a six-year low on Friday.
In the Asian session, at GMT0400, the pair is trading at 1185.40, with the gold trading 0.32% lower from Friday’s close.
The pair is expected to find support at 1156.40, and a fall through could take it to the next support level of 1127.40. The pair is expected to find its first resistance at 1204.00, and a rise through could take it to the next resistance level of 1222.60.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
