Gold Movement
Gold prices traded lower by 1.42% against the USD in the 24 hour period ending 23:00GMT, at 1106.00 per ounce, with bullion investors remaining focused on the Fed’s monetary policy meeting scheduled on 16-17 September, for clues on the timing of an interest rate hike in the US.
Meanwhile, gold holdings of the SPDR Gold Trust remained unchanged at 682.35 tons, from its previous level.
In the Asian session, at GMT0300, the pair is trading at 1105.50, with the gold trading slightly lower from yesterday’s close.
The pair is expected to find support at 1095.50, and a fall through could take it to the next support level of 1085.50. The pair is expected to find its first resistance at 1120.10, and a rise through could take it to the next resistance level of 1134.70.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
