Gold Movement
Gold prices traded higher by 0.09% against the USD in the 24 hour period ending 23:00GMT, at 1106.70 per ounce, ahead of the outcome of the Fed’s crucial interest rate decision due out later this week.
Meanwhile, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, expanded to 678.18 tons, compared to its previous close of 672.18 tons.
In the Asian session, at GMT0300, the pair is trading at 1106.40, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1102.73, and a fall through could take it to the next support level of 1099.06. The pair is expected to find its first resistance at 1109.93, and a rise through could take it to the next resistance level of 1113.46.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
