Gold Movement
Gold prices traded a tad lower against the USD in the 24 hour period ending 23:00GMT, at 1153.50 per ounce. Losses were trimmed, after retail sales in the US registered an unexpected drop in February, thus increased demand for the safe-haven yellow metal.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 753.04 tons.
In the Asian session, at GMT0400, the pair is trading at 1158, with the gold trading 0.39% higher from yesterday’s close.
The pair is expected to find support at 1148.43, and a fall through could take it to the next support level of 1138.86. The pair is expected to find its first resistance at 1166.63, and a rise through could take it to the next resistance level of 1175.26.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
