Gold Movement
Gold prices traded lower by 0.57% against the USD in the 24 hour period ending 23:00GMT, at 1138.90 per ounce, amid a broad rally in global equity markets and after the release of the FOMC minutes, wherein the Fed officials expressed confidence in the US economy.
In the Asian session, at GMT0300, the pair is trading at 1143.4, with the gold trading 0.40% higher from yesterday’s close.
The pair is expected to find support at 1135.90, and a fall through could take it to the next support level of 1128.40. The pair is expected to find its first resistance at 1150.90, and a rise through could take it to the next resistance level of 1158.40.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
