Gold Movement
Gold prices traded higher by 2.23% against the USD in the 24-hour period ending 23:00GMT, at 1260.50 per ounce, after the US Federal Reserve’s announcement that it would deliver just two rate hikes in 2016 compared to its earlier forecast for four hikes, exerted pressure on the greenback.
In the Asian session, at GMT0400, the pair is trading at 1257.8, with the gold trading 0.21% lower from yesterday’s close.
The pair is expected to find support at 1234.93, and a fall through could take it to the next support level of 1212.07. The pair is expected to find its first resistance at 1272.73, and a rise through could take it to the next resistance level of 1287.67.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
