Gold Movement
Gold prices traded higher by 1.44% against the USD in the 24 hour period ending 23:00GMT, at 1184.50 per ounce, as weak economic data from the US fuelled expectations that the Fed will hold off raising interest rates this year along with concerns over deflationary pressures in China enhanced the demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1184.4, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1167.97, and a fall through could take it to the next support level of 1151.53. The pair is expected to find its first resistance at 1195.37, and a rise through could take it to the next resistance level of 1206.33.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
