Gold Movement
Gold prices traded higher by 1.20% against the USD in the 24 hour period ending 23:00GMT, at 1217.50 per ounce, as the demand of the safe-haven metal increased following disappointing ISM non-manufacturing composite data for December in the US coupled with growing fears that Greece might exit the Euro-Group.
Yesterday, gold holdings in the SPDR Gold Trust edged up to 710.81 tons, the lowest level since September 2008
In the Asian session, at GMT0400, the pair is trading at 1214.40, with the gold trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 1205.03, and a fall through could take it to the next support level of 1195.66. The pair is expected to find its first resistance at 1223.53, and a rise through could take it to the next resistance level of 1232.66.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
