Gold Movement
Gold prices traded higher by 0.83% against the USD in the 24 hour period ending 23:00GMT, at 1221.30 per ounce, after the Fed in its minutes of its latest monetary policy meeting remained dovish, indicating that the central bank was in no hurry to raise its benchmark interest rates.
In the Asian session, at GMT0300, the pair is trading at 1224.40, with the gold trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 1210.93, and a fall through could take it to the next support level of 1197.47. The pair is expected to find its first resistance at 1232.03, and a rise through could take it to the next resistance level of 1239.66.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
