Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 1.26% against the USD and closed at USD1319.20 per ounce, as the Fed Chair, Jerome Powell’s upbeat views on the US economy bolstered bets on faster pace of interest rate hikes this year.
In the Asian session, at GMT0400, the pair is trading at 1318.40, with gold trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1309.83, and a fall through could take it to the next support level of 1301.27. The pair is expected to find its first resistance at 1331.53, and a rise through could take it to the next resistance level of 1344.67.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
