Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 2.14% against the USD and closed at USD1391.9 per ounce, after the US Federal Reserve signalled rate cuts as early as next month to boost economic growth.
In the Asian session, at GMT0300, the pair is trading at 1410.40, with gold trading 1.33% higher against the USD from yesterday’s close.
The pair is expected to find support at 1389.13, and a fall through could take it to the next support level of 1367.87. The pair is expected to find its first resistance at 1423.53, and a rise through could take it to the next resistance level of 1436.67.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
