Gold Movement
Gold prices traded lower by 0.12% against the USD in the 24-hour period ending 23:00GMT, at 1259.00 per ounce, reversing its previous session gains. However, losses in gold prices were limited, after the Fed lowered its projections to two rate hikes in 2016 compared to its earlier projection of four rate hikes.
In the Asian session, at GMT0400, the pair is trading at 1263.8, with the gold trading 0.38% higher from yesterday’s close.
The pair is expected to find support at 1255.77, and a fall through could take it to the next support level of 1247.73. The pair is expected to find its first resistance at 1271.87, and a rise through could take it to the next resistance level of 1279.93.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
