Gold Movement
Gold prices traded lower by 1.11% against the USD in the 24 hour period ending 23:00GMT, at 1181.90 per ounce, after the recently released Fed minutes showed that the US economy has improved, thus diminishing the safe-haven appeal of the precious yellow metal.
Yesterday, the SPDR Gold Trust reported that its gold holdings fell to its lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1177.60, with the gold trading 0.36% lower from yesterday’s close.
The pair is expected to find support at 1167.10, and a fall through could take it to the next support level of 1156.60. The pair is expected to find its first resistance at 1194.90, and a rise through could take it to the next resistance level of 1212.20.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
