Gold Movement
Gold prices traded higher by 1.37% against the USD in the 24 hour period ending 23:00GMT, at 1132.20 per ounce, as Fed’s minutes for July policy meeting highlighted a less probability of rate hike in September Fed meeting. Weak US inflation data also added to gains in the gold prices.
In the Asian session, at GMT0300, the pair is trading at 1135.90, with gold trading 0.33% higher from yesterday’s close.
The pair is expected to find support at 1122.63, and a fall through could take it to the next support level of 1109.36. The pair is expected to find its first resistance at 1142.53, and a rise through could take it to the next resistance level of 1149.16.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
