Gold Movement
Gold prices traded lower by 1.93% against the USD in the 24 hour period ending 23:00GMT, at 1209.00 per ounce, after a top Fed official stated that the US central bank should raise its interest rate by the middle of 2015.
However, losses were capped due to uncertainty surrounding Greece and the tense situation in Ukraine.
Meanwhile, gold holdings in the SPDR Gold Trust narrowed to 768.26 tons, compared to its previous level of 771.51 tons.
In the Asian session, at GMT0400, the pair is trading at 1206.3, with the gold trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1196.56, and a fall through could take it to the next support level of 1186.83. The pair is expected to find its first resistance at 1222.76, and a rise through could take it to the next resistance level of 1239.23.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
