Gold Movement
Gold prices traded lower by 0.23% against the USD in the 24 hour period ending 23:00GMT, at 1181.80 per ounce.
However, gold prices pared its losses, as weak US inflation data further complicated the Fed’s plan to raise interest rates this year.
In the Asian session, at GMT0300, the pair is trading at 1179.7, with the gold trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1171.83, and a fall through could take it to the next support level of 1163.97. The pair is expected to find its first resistance at 1189.63, and a rise through could take it to the next resistance level of 1199.57.
The yellow metal is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
