Gold Movement
Gold prices traded higher by 1.03% against the USD in the 24 hour period ending 23:00GMT, at 1103.40 per ounce.
In the Asian session, at GMT0300, the pair is trading at 1097.9, with gold trading 0.5% lower from yesterday’s close, after China devalued its tightly controlled currency by 1.9% to tackle the slump in exports from the country, boosting the greenback.
The pair is expected to find support at 1090.43, and a fall through could take it to the next support level of 1082.96. The pair is expected to find its first resistance at 1106.93, and a rise through could take it to the next resistance level of 1115.96.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
