Gold Movement
Gold prices traded lower by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1143.80 per ounce, as possibility of an imminent rate hike by the Fed remained high, after the US initial jobless claims dropped more than anticipated, indicating that the nation’s labour market is strengthening.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 709.07 tons, from its previous close of 707.58 tons.
In the Asian session, at GMT0300, the pair is trading at 1143.40, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1140.36, and a fall through could take it to the next support level of 1137.33. The pair is expected to find its first resistance at 1146.66, and a rise through could take it to the next resistance level of 1149.93.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
