Gold Movement
Gold prices traded lower by 2.33% against the USD in the 24 hour period ending 23:00GMT, at 1141.80 per ounce, amid a broad strength in the US Dollar as the US reported stronger than expected ADP employment data in October, thus raising expectations that the Fed may increase its benchmark interest rates early next year.
Gold prices were further dented, after holdings in the SPDR Gold trust narrowed for the second consecutive day, registering its lowest level since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1139.5, with the gold trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1129.33, and a fall through could take it to the next support level of 1119.16. The pair is expected to find its first resistance at 1157.43, and a rise through could take it to the next resistance level of 1175.36.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
