Gold Movement
Gold prices traded lower by 1.08% against the USD in the 24 hour period ending 23:00GMT, at 1106.70 per ounce.
However, losses in gold prices were kept in check, after the Fed decided to keep US benchmark interest rates unchanged, albeit it did indicate that a rate hike is still on the cards before the end of the year.
Separately, the SPDR Gold Holdings remained unchanged at 678.18 tons, compared to its previous level.
In the Asian session, at GMT0300, the pair is trading at 1127.40, with the gold trading 1.87% higher from yesterday’s close.
The pair is expected to find support at 1116.06, and a fall through could take it to the next support level of 1104.73. The pair is expected to find its first resistance at 1137.36, and a rise through could take it to the next resistance level of 1147.33.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
