Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 0.24% against the US Dollar and closed at 1191.80. However, gains were limited after prospects for an interest rate hike in the US increased after consumer prices in the US on a monthly basis rebounded in February and new home sales in the world’s largest economy jumped to a seven-year high in the same month. Additionally, the preliminary reading of the manufacturing PMI in the nation too accelerated at its fastest pace in five months in March
Meanwhile, holdings in the SPDR Gold Trust 744.40 tons from its previous close of 749.77 tons.
In the Asian session, at GMT0300, the pair is trading at 1188.60, with the Gold trading 0.27% lower from yesterday’s close.
The pair is expected to find support at 1184.03, and a fall through could take it to the next support level of 1179.47. The pair is expected to find its first resistance at 1193.83, and a rise through could take it to the next resistance level of 1199.07.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
