Gold Movement
Gold prices traded lower by 1.09% against the USD in the 24 hour period ending 23:00GMT, reversing its previous session gains, on Fed interest rate fears ahead of a closely watched FOMC meeting.
In the Asian session, at GMT0400, the pair is trading at 1063.9, with the gold trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 1055.57, and a fall through could take it to the next support level of 1047.23. The pair is expected to find its first resistance at 1074.77, and a rise through could take it to the next resistance level of 1085.63.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
