Gold Movement
Gold prices traded higher by 0.48% against the USD in the 24 hour period ending 23:00GMT, at 1116.40 per ounce. PboC resumed its efforts to stabilize the Yuan, a week after it fell to its lowest level in three years.
In the Asian session, at GMT0300, the pair is trading at 1117.4, with the gold trading 0.09% higher from yesterday’s close, as investors look forward to the Fed’s minutes for July meeting, scheduled to release later in the week.
The pair is expected to find support at 1114.00, and a fall through could take it to the next support level of 1110.60. The pair is expected to find its first resistance at 1121.50, and a rise through could take it to the next resistance level of 1125.60.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
