Gold Movement
Gold prices traded lower by 1.35% against the USD in the 24 hour period ending 23:00GMT, at 1208.40 per ounce, as the greenback traded higher against its major peers, after the US housing data figures surpassed market forecasts, thus weighing the demand for the safe-haven yellow metal.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, edged down to 718.24 tons from its previous close of 723.91 tons.
In the Asian session, at GMT0300, the pair is trading at 1208.5, with the gold trading a tad higher from yesterday’s close.
The pair is expected to find support at 1201.06, and a fall through could take it to the next support level of 1193.63. The pair is expected to find its first resistance at 1219.96, and a rise through could take it to the next resistance level of 1231.43.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
