Gold Movement
Gold prices traded 0.69% higher against the USD in the 24-hour period ending 23:00GMT, at USD1328.20 per ounce, amid a broad weakness in global equity markets in the wake of Britain’s decision to exit the European Union.
Separately, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.40% to 947.38 tonnes, its highest since July 2013.
In the Asian session, at GMT0300, the pair is trading at 1323.0, with the gold trading 0.39% lower from yesterday’s close.
The pair is expected to find support at 1316.67, and a fall through could take it to the next support level of 1310.33. The pair is expected to find its first resistance at 1333.47, and a rise through could take it to the next resistance level of 1343.93.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
