Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 1.19% against the USD and closed at 1109.30, as the dollar edged lower on renewed weakness in oil and concerns about the Fed’s interest rate announcement scheduled this week, led to the increased demand of the yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1113.70, with the gold trading 0.40% higher from yesterday’s close.
The pair is expected to find support at 1104.30, and a fall through could take it to the next support level of 1094.90. The pair is expected to find its first resistance at 1118.80, and a rise through could take it to the next resistance level of 1123.90.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
