Gold Movement
On Friday, Gold prices traded lower by 1.28% against the USD in the period ending 21:00GMT, at 1178.00 per ounce, as upbeat durable goods orders data from the US reduced demand for the safe-haven yellow metal.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 742.35 tons from its previous close of 739.06 tons.
In the Asian session, at GMT0300, the pair is trading at 1182.1, with the gold trading 0.35% higher from Friday’s close.
The pair is expected to find support at 1172.33, and a fall through could take it to the next support level of 1162.56. The pair is expected to find its first resistance at 1193.63, and a rise through could take it to the next resistance level of 1205.16.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
