Gold Movement
Gold prices traded lower by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1291.30 per ounce, as minutes from the Fed’s recent meeting indicated that it could raise interest rates sooner than expected. Meanwhile, SPDR gold trust reported that its holdings rose 0.9 tonnes to 800.09 tonnes.
In the Asian session, at GMT0300, Gold is trading at 1289.5, 0.14% lower from yesterday’s close, as China, the largest consumer of gold, recorded a decline in its August manufacturing PMI figures.
Gold is expected to find support at 1285.7, and a fall through could take it to the next support level of 1281.9. Gold is expected to find its first resistance at 1296.3, and a rise through could take it to the next resistance level of 1303.1.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
