Gold Movement
Gold prices traded lower by 0.17% against the USD in the 24 hour period ending 23:00GMT, at 1164.50 per ounce, amid a broad strength in the greenback and as upbeat US manufacturing data enhanced prospects of an increase in benchmark interest rates by the Federal Reserve.
Separately, the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, disclosed that its gold holdings dropped to 695.54 tonnes.
In the Asian session, at GMT0400, the pair is trading at 1164, with the gold trading marginally lower from Friday’s close.
The pair is expected to find support at 1155.27, and a fall through could take it to the next support level of 1146.53. The pair is expected to find its first resistance at 1176.07, and a rise through could take it to the next resistance level of 1188.13.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
