Gold: Yellow metal trading lower this morning


Gold Movement

For the 24 hours to 23:00 GMT, the Gold declined 0.41% against the USD and closed at USD1271.80 per ounce, as the US Dollar strengthened against its major peers following the release of upbeat economic releases in the world’s largest economy.

In the Asian session, at GMT0400, the pair is trading at USD1270.8 per ounce, with the Gold trading 0.08% lower from yesterday’s close, with investors awaiting the outcome of the Fed’s two-day policy meeting.

The pair is expected to find support at 1266.36, and a fall through could take it to the next support level of 1261.93. The pair is expected to find its first resistance at 1277.16, and a rise through could take it to the next resistance level of 1283.53.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

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