Gold Movement
Gold prices traded higher by 1.98% against the USD in the 24 hour period ending 23:00GMT, at 1154.60 per ounce following rout in equities and as traders continued to speculate that Fed would not rush in hiking interest rates.
In the Asian session, at GMT0300, the pair is trading at 1163.30 with gold trading 0.75% higher from yesterday’s close, as the PMI flash survey revealed a dim picture of China, one of the largest consumer of gold.
The pair is expected to find support at 1143.00, and a fall through could take it to the next support level of 1122.70. The pair is expected to find its first resistance at 1174.20, and a rise through could take it to the next resistance level of 1185.10.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
