Gold Movement
Gold prices traded higher by 0.67% against the USD in the 24 hour period ending 23:00GMT, at 1328.30 per ounce, amid a broad decline in the US Dollar following the lack of clarity by the Fed’s minutes on the timing of the decision to raise its key interest rate in the nation by the central bank. Additionally, the safe haven of the yellow metal was boosted after tensions in Israel rose, in addition to the unrest in Iraq.
Meanwhile, gold holdings in the SPDR Gold Trust stood at 800.284 tonnes and 164.28 tonnes in the Gold Trust.
In the Asian session, at GMT0300, Gold is trading at 1330.60, 0.17% higher from yesterday’s close.
Gold is expected to find support at 1322.87, and a fall through could take it to the next support level of 1315.13. Gold is expected to find its first resistance at 1335.87, and a rise through could take it to the next resistance level of 1341.13.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
