Gold Movement
Gold prices traded lower by 0.87% against the USD in the 24 hour period ending 23:00GMT, after US labour costs recorded their biggest gain in more than 5-1/2 years in the second quarter boosted the economy’s outlook, which in turn raised expectations for an earlier-than-expected interest rate hike.
In the Asian session, at GMT0300, Gold is trading at 1284.90, 0.08% higher from yesterday’s close.
Gold is expected to find support at 1277.87, and a fall through could take it to the next support level of 1270.83. Gold is expected to find its first resistance at 1295.37, and a rise through could take it to the next resistance level of 1305.83.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
