Gold Movement
On Friday, Gold prices traded marginally lower against the USD in the period ending 21:00GMT, at 1180.70 per ounce, shrugging off weakness in the greenback along with a decline in the global equity markets.
Separately, gold holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 704.22 tons, from its previous close of 705.72 tons.
In the Asian session, at GMT0300, the pair is trading at 1180.60, with the gold trading slightly lower from Friday’s close.
The pair is expected to find support at 1175.50, and a fall through could take it to the next support level of 1170.40. The pair is expected to find its first resistance at 1185.80, and a rise through could take it to the next resistance level of 1191.00.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
