Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.51% against the USD and closed at USD1497.40 per ounce, after the Federal Reserve’s slashed its key interest rate and signalled that it will hold future rate cuts.
In the Asian session, at GMT0400, the pair is trading at 1500.30, with gold trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 1488.33, and a fall through could take it to the next support level of 1476.37. The pair is expected to find its first resistance at 1507.03, and a rise through could take it to the next resistance level of 1513.77.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
