Gold Movement
Gold prices traded lower by 1.22% against the USD in the 24 hour period ending 23:00GMT, at 1132.30 per ounce, after the New York Fed President, indicated that the central bank’s first interest rate hike in nearly a decade could come as soon as October, as the US economy is improving.
Meanwhile, gold holdings of the SPDR Gold Trust expanded to 684.14 tons, from its previous close of 680.27 tons.
In the Asian session, at GMT0300, the pair is trading at 1132.50, with the gold trading slightly higher from yesterday’s close.
The pair is expected to find support at 1124.20, and a fall through could take it to the next support level of 1115.90. The pair is expected to find its first resistance at 1143.90, and a rise through could take it to the next resistance level of 1155.30.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
