Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 0.67% against the USD and closed at 1197.50, after the US Federal Reserve Chair, Janet Yellen, hinted that the Fed may delay further interest rate hikes, as turbulence in global financial markets and uncertainty over China pose risks to the US economic recovery.
In the Asian session, at GMT0400, the pair is trading at 1207.10, with the gold trading 0.8% higher from yesterday’s close.
The pair is expected to find support at 1187.37, and a fall through could take it to the next support level of 1167.63. The pair is expected to find its first resistance at 1221.07, and a rise through could take it to the next resistance level of 1235.03.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
