Gold Movement
Gold prices traded lower by 0.08% against the USD in the 24 hour period ending 23:00GMT, at 1106.70 per ounce, with investors looking forward to the outcome of the Fed’s two-day FOMC meet, to see if it raises interest rates for the first time since financial meltdown in 2008.
Meanwhile, gold holdings in the SPDR Gold Trust remained unchanged at 678.18 tons.
In the Asian session, at GMT0300, the pair is trading at 1104.2, with the gold trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 1101.03, and a fall through could take it to the next support level of 1097.86. The pair is expected to find its first resistance at 1107.83, and a rise through could take it to the next resistance level of 1111.46.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
