Gold Movement
Gold prices traded lower by 0.17% against the USD in the 24 hour period ending 23:00GMT, at 1296.60 per ounce, as encouraging housing and consumer inflation data raised expectations of a interest rate hike by Fed.
In the Asian session, at GMT0300, Gold is trading at 1297.3, tad higher from yesterday’s close.
Gold is expected to find support at 1293.43, and a fall through could take it to the next support level of 1289.57. Gold is expected to find its first resistance at 1302.43, and a rise through could take it to the next resistance level of 1307.57.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
