Gold Movement
Gold prices traded lower by 0.28% against the USD in the 24 hour period ending 23:00GMT, at 1227.70 per ounce, reversing its previous session gains.
Yesterday, the SPDR Gold Trust reported the first consecutive day increase in its gold holdings since August and advanced to 724.8 metric tons
In the Asian session, at GMT0400, the pair is trading at 1230.30, with the gold trading 0.21% higher from yesterday’s close.
The pair is expected to find support at 1224.03, and a fall through could take it to the next support level of 1217.76. The pair is expected to find its first resistance at 1237.73, and a rise through could take it to the next resistance level of 1245.16.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
