Gold Movement
Gold prices traded lower by 1.50% against the USD in the 24 hour period ending 23:00GMT, at 1176.50 per ounce, amid a strong rally in global equity markets.
Yesterday, the SPDR Gold Trust revealed that its gold holdings remained unchanged after advancing to its highest level in a week on December 19.
In the Asian session, at GMT0400, the pair is trading at 1177.40, with the gold trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1164.20, and a fall through could take it to the next support level of 1151.00 The pair is expected to find its first resistance at 1197.10, and a rise through could take it to the next resistance level of 1216.80.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
