Gold Movement
On Friday, Gold prices traded higher by 0.97% against the USD in the period ending 21:00GMT, at 1275.80 per ounce, extending its previous session gains, as demand for the safe-haven asset was boosted following the SNB’s surprise policy decision to remove its cap against the Euro on Thursday. Prices of the yellow metal were supported by rising speculations that the ECB in its monetary policy meeting scheduled this week would introduce new stimulus measures to boost the Euro region.
Meanwhile, holdings in the SPDR Gold Trust rose 1.9% to 730.89 metric tons on Friday.
In the Asian session, at GMT0400, the pair is trading at 1276.80, with the gold trading 0.08% higher from Friday’s close.
The pair is expected to find support at 1260.53, and a fall through could take it to the next support level of 1244.26. The pair is expected to find its first resistance at 1287.73, and a rise through could take it to the next resistance level of 1298.66.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
