Gold Movement
Gold prices traded lower by 1.25% against the USD in the 24 hour period ending 23:00GMT, at 1255.83 per ounce, as investors cashed in gains ahead of the crucial Federal Reserve meeting this week.
Meanwhile, increasing expectations that the Federal Reserve would further trim its monetary stimulus from the $10 billion-a-month reduction to its bond-buying programme decided late last year, lifted the greenback.
In the Asian session, at GMT0400, Gold is trading at 1256.20, marginally higher from yesterday’s close.
Gold is expected to find support at 1247.56, and a fall through could take it to the next support level of 1238.92. Gold is expected to find its first resistance at 1269.42, and a rise through could take it to the next resistance level of 1282.64.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
