Gold Movement
Gold prices traded lower by 0.10% against the USD in the 24 hour period ending 23:00GMT, at 1155.30 per ounce, as growing uncertainty over the timing of the Fed’s interest rate hike, after the US retail sales unexpectedly contracted in June.
Separately, gold holdings of the SPDR Gold Trust inched up to 709.07 tons, from its previous level of 707.58 tons.
In the Asian session, at GMT0300, the pair is trading at 1154.60, with the gold trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1151.23, and a fall through could take it to the next support level of 1147.86. The pair is expected to find its first resistance at 1158.53, and a rise through could take it to the next resistance level of 1162.46.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
