Gold Movement
Gold prices traded higher by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1233.40 per ounce, following downbeat industrial data from the US.
Meanwhile, holdings of the SPDR Gold Trust remained unchanged at 788.40 tonnes, from previous week.
In the Asian session, at GMT0300, the pair is trading at 1235.2, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1229.33, and a fall through could take it to the next support level of 1223.46. The pair is expected to find its first resistance at 1240.13, and a rise through could take it to the next resistance level of 1245.07.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
