Gold Movement
Gold prices traded lower by 0.74% against the USD in the 24 hour period ending 23:00GMT, at 1124.20 per ounce, amid broad gains in the US dollar along with a rally in global equity markets, which dampened the demand of the safe-haven metal as an alternative investment. Additionally, uncertainty lingering over the Fed’s upcoming interest rate decision weighed on the precious yellow metal’s prices.
In the Asian session, at GMT0300, the pair is trading at 1123.9, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1118.66, and a fall through could take it to the next support level of 1113.43. The pair is expected to find its first resistance at 1131.4667, and a rise through could take it to the next resistance level of 1139.03.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
