For the 24 hours to 23:00 GMT, Gold rose 0.58% against the USD and closed at USD1348.50 per ounce, as the Fed’s upbeat inflation outlook failed to provide a lasting boost to the US Dollar.
In the Asian session, at GMT0400, the pair is trading at 1347.50, with gold trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 1338.33, and a fall through could take it to the next support level of 1329.17. The pair is expected to find its first resistance at 1353.83, and a rise through could take it to the next resistance level of 1360.17.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.