Gold Movement
Gold prices traded higher by 0.46% against the USD in the 24-hour period ending 23:00GMT, at 1221.50 per ounce, after lukewarm US economic data dented expectations of an immediate interest rate hike.
In the Asian session, at GMT0300, the pair is trading at 1220.2, with the gold trading 0.11% lower from yesterday’s close, ahead of a speech from the Federal Reserve (Fed) Chair, Janet Yellen that could give more clarity on the central bank’s next policy decision.
The pair is expected to find support at 1212.90, and a fall through could take it to the next support level of 1205.60. The pair is expected to find its first resistance at 1226.30, and a rise through could take it to the next resistance level of 1232.40.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
