Gold Movement
On Friday, Gold prices traded lower by 0.68% against the USD in the period ending 21:00GMT, at 1199.60 per ounce, amid a strong rally in the global equity markets.
Meanwhile, safe-haven appeal of the yellow metal was diminished, after the Euro-zone Finance ministers granted a four month loan extension to Greece, avoiding a probable financial crisis in March that could have resulted in forced exit of Greece from the currency area.
Separately, gold holdings in the SPDR Gold Trust edged up to 769.46 tons, compared to earlier level of 767.96 tons.
In the Asian session, at GMT0400, the pair is trading at 1202.90, with the gold trading 0.28% higher from Friday’s close.
The pair is expected to find support at 1195.30, and a fall through could take it to the next support level of 1187.70. The pair is expected to find its first resistance at 1212.90, and a rise through could take it to the next resistance level of 1222.90.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
