Gold Movement
Gold prices traded lower by 2.35% against the USD in the 24 hour period ending 23:00GMT, at 1245.20 per ounce, after the minutes from the Fed’s latest policy meeting signalled that the FOMC might slow down the pace of its stimulus measure in the coming months. Gold prices also faced some resistance from a report that revealed holdings in the SPDR Gold Trust declined to 860.31 tons, the lowest since February 2009.
In the Asian session, at GMT0400, Gold is trading at 1248.20, 0.24% higher from yesterday’s close.
Gold is expected to find support at 1234.19, and a fall through could take it to the next support level of 1220.17. Gold is expected to find its first resistance at 1269.16, and a rise through could take it to the next resistance level of 1290.11.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
