Gold Movement
Gold prices traded marginally lower against the USD in the 24-hour period ending 23:00GMT, at USD1331.30 per ounce. However, gold prices pared losses, after a top US Federal Reserve official quelled expectations of an interest rate hike this month.
In the Asian session, at GMT0300, the pair is trading at 1334.60, with the gold trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 1326.63, and a fall through could take it to the next support level of 1318.67. The pair is expected to find its first resistance at 1339.23, and a rise through could take it to the next resistance level of 1343.87.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
