Gold Movement
Gold prices traded lower by 1.99% against the USD in the 24 hour period ending 23:00GMT, at 1259.30 per ounce, amid a broad strength in the greenback on the back of upbeat first-time claims for jobless benefits in the US.
Separately, holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose to 752.70 tons, from its previous close of 743.44 tons.
In the Asian session, at GMT0400, the pair is trading at 1261.00, with the gold trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1246.80, and a fall through could take it to the next support level of 1232.60. The pair is expected to find its first resistance at 1280.50, and a rise through could take it to the next resistance level of 1300.00
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
