Gold Movement
Gold prices traded flat against the USD in the 24 hour period ending 23:00GMT, at 1227.70 per ounce.
However, during the day, gold prices remained under pressure on the back of better than expected initial unemployment benefit report coupled with better than expected retail sales data in the US.
Separately, the SPDR Gold Trust reported that its gold holdings increased to 725.75 metric tons, its highest level since 07 November.
In the Asian session, at GMT0400, the pair is trading at 1225.60, with the gold trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1217.13, and a fall through could take it to the next support level of 1208.66. The pair is expected to find its first resistance at 1233.33, and a rise through could take it to the next resistance level of 1241.06.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
