Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.93% against the USD and closed at USD1338.20 per ounce, as the greenback weakened broadly after the US Fed indicated that it is on track for only two more rate hikes this year.
In the Asian session, at GMT0400, the pair is trading at 1336.40, with gold trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 1318.60, and a fall through could take it to the next support level of 1300.80. The pair is expected to find its first resistance at 1348.40, and a rise through could take it to the next resistance level of 1360.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
