For the 24 hours to 23:00 GMT, Gold declined 0.8% against the USD and closed at USD1286.90 per ounce, after hawkish remarks by the Fed Chair, Janet Yellen boosted the possibility of a December interest rate hike.
In the Asian session, at GMT0400, the pair is trading at 1287.40, with gold trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1281.53, and a fall through could take it to the next support level of 1275.67. The pair is expected to find its first resistance at 1296.83, and a rise through could take it to the next resistance level of 1306.27.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.