Gold Movement
Gold prices traded higher by 1.55% against the USD in the 24 hour period ending 23:00GMT, at 1156.50 per ounce, after the release of dovish FOMC minutesfrom its recent monetary policy meeting renewed expectation that the Fed’s decision to raise interest rates may be delayed into the next year.
In the Asian session, at GMT0300, the pair is trading at 1157.9, with the gold trading 0.12% higher from Friday’s close.
The pair is expected to find support at 1146.97, and a fall through could take it to the next support level of 1136.03. The pair is expected to find its first resistance at 1164.07, and a rise through could take it to the next resistance level of 1170.23.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
