Gold Movement
Gold prices traded higher by 1.72% against the USD in the 24 hour period ending 23:00GMT, at 1203.50 per ounce, amid a broad weakness in the greenback on the back of weak economic data in the US, thus increasing demand for the safe-haven yellow metal.
Meanwhile, gold holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 737.24 tons.
In the Asian session, at GMT0300, the pair is trading at 1202.90, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1186.03, and a fall through could take it to the next support level of 1169.16. The pair is expected to find its first resistance at 1214.23, and a rise through could take it to the next resistance level of 1225.56.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
