For the 24 hours to 23:00 GMT, Gold declined 0.38% against the USD and closed at USD1314.50 per ounce, after minutes of the Fed’s recent meeting indicated the possibility of an aggressive path of interest rate hikes this year.
In the Asian session, at GMT0400, the pair is trading at 1308.50, with gold trading 0.46% lower against the USD from yesterday’s close.
The pair is expected to find support at 1303.93, and a fall through could take it to the next support level of 1299.37. The pair is expected to find its first resistance at 1316.23, and a rise through could take it to the next resistance level of 1323.97.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.