Gold Movement
Gold prices traded lower by 0.25% against the USD in the 24 hour period ending 23:00GMT, at 1706.95 per ounce, after the US Federal Reserve concluded its 2-day meeting yesterday and, as expected, made no change to its highly accommodative monetary policy.
The Federal Reserve stated that it would continue to purchase $40 billion of mortgage-backed securities per month, as announced earlier and gave no indication that they will expand their quantitative easing program before year’s end.
In the Asian session, at GMT0300, Gold is trading at 1706.10, marginally lower from yesterday’s close.
Gold is expected to find support at 1699.01, and a fall through could take it to the next support level of 1691.92. Gold is expected to find its first resistance at 1712.99, and a rise through could take it to the next resistance level of 1719.88.
The yellow metal is trading in between its 20 Hr and 50 Hr moving averages.
