Gold Movement
Gold prices traded lower by 0.73% against the USD in the 24 hour period ending 23:00GMT, at 1330.80 per ounce, as a stronger US Dollar weighed on the yellow metal. Meanwhile, hawkish comments from the Dallas Fed President, Richard Fisher further added pressure on gold prices.
In the Asian session, at GMT0400, Gold is trading at 1326.58, 0.32% lower from yesterday’s close, ahead of the Fed Chief, Janet Yellen’s speech.
Gold is expected to find support at 1317.49, and a fall through could take it to the next support level of 1308.40. Gold is expected to find its first resistance at 1340.56, and a rise through could take it to the next resistance level of 1354.54.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
