Gold Movement
Gold prices traded lower by 0.62% against the USD in the 24 hour period ending 23:00GMT, at 1202.10 per ounce, as the FOMC minutes revealed that some of the Fed policymakers wanted the first interest rate hike in June.
Separately, holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, narrowed to 733.06 tons from its previous level of 735.45 tons.
In the Asian session, at GMT0300, the pair is trading at 1197.2, with the gold trading 0.41% lower from yesterday’s close.
The pair is expected to find support at 1191.36, and a fall through could take it to the next support level of 1185.53. The pair is expected to find its first resistance at 1207.76, and a rise through could take it to the next resistance level of 1218.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
