Gold: Yellow metal reverses its gains in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.28% against the USD and closed at USD1312.10 per ounce, after the FOMC meeting minutes indicated a halt in interest rate hikes till the year end and remained relatively optimistic on the health of the US economy.

In the Asian session, at GMT0300, the pair is trading at 1310.40, with gold trading 0.13% lower against the USD from yesterday’s close.

The pair is expected to find support at 1305.17, and a fall through could take it to the next support level of 1299.93. The pair is expected to find its first resistance at 1315.17, and a rise through could take it to the next resistance level of 1319.93.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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