Gold Movement
Gold prices traded lower by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1192.00 per ounce, as the Fed Chairperson, Janet Yellen downplayed concerns over a slowdown in the US economy, thus hitting demand for gold as a safe-haven investment.
In the Asian session, at GMT0300, the pair is trading at 1186.90, with the gold trading 0.43% lower from yesterday’s close.
The pair is expected to find support at 1182.90, and a fall through could take it to the next support level of 1178.90. The pair is expected to find its first resistance at 1193.90, and a rise through could take it to the next resistance level of 1200.90.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
