For the 24 hours to 23:00 GMT, Gold declined 0.19% against the USD and closed at USD1203.60 per ounce, pressured by expectations of an interest rate hike by the Federal Reserve at its latest monetary policy meeting, starting later today.
In the Asian session, at GMT0400, the pair is trading at 1203.40, with the gold trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1199.23, and a fall through could take it to the next support level of 1195.07. The pair is expected to find its first resistance at 1209.23, and a rise through could take it to the next resistance level of 1215.07.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.