Gold Movement
Gold prices traded lower by 1.54% against the USD in the 24 hour period ending 23:00GMT, at 1283.21 per ounce, as continuous flow of strong data from the US and comments by a Federal Reserve official boosted US Dollar.
Chicago Fed President, Charles Evans, a strong supporter of monetary accommodation, said yesterday that he “would clearly not rule” out a decision to begin dialing back the purchases in September.
In the Asian session, at GMT0300, Gold is trading at 1277.27, 0.46% lower from yesterday’s close.
Gold is expected to find support at 1265.89, and a fall through could take it to the next support level of 1254.50. Gold is expected to find its first resistance at 1296.32, and a rise through could take it to the next resistance level of 1315.36.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
