Gold Movement
Gold prices traded lower by 0.67% against the USD in the 24 hour period ending 23:00GMT, at 1194.00 per ounce, amid a broad strength in the greenback coupled with a strong rally in global equity markets.
Separately, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, edged down to 733.06 tons, from its previous close of 735.45 tons.
In the Asian session, at GMT0300, the pair is trading at 1196.00, with the gold trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1191.40, and a fall through could take it to the next support level of 1186.80. The pair is expected to find its first resistance at 1201.60, and a rise through could take it to the next resistance level of 1207.20.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
