Gold Movement
Gold prices traded higher by 0.16% against the USD in the 24 hour period ending 23:00GMT, at 1228.20 per ounce, rebounding from its previous session losses after the US reported dismal durable goods orders data in October. Meanwhile, investors shift their attention to the outcome of the Fed’s monetary policy meeting, which commenced yesterday.
Yesterday, data revealed that holdings in the SPDR Trust sank to its lowest level since October 2008 to 743.59 metric tons. Separately, the IMF indicated that Russia and Turkey increased their gold reserves in September, even as Mexico reduced holdings in the same month.
In the Asian session, at GMT0400, the pair is trading at 1229.50, with the gold trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1225.23, and a fall through could take it to the next support level of 1220.96. The pair is expected to find its first resistance at 1234.63, and a rise through could take it to the next resistance level of 1239.76.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
