Gold Movement
Gold prices traded lower by 0.39% against the USD in the 24 hour period ending 23:00GMT, at 1250.70 per ounce, amid a broad strength in greenback following rising expectations that the Fed might increase its interest rates sooner than expected.
In the Asian session, at GMT0300, the pair is trading at 1248.5, with the gold trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1242.5, and a fall through could take it to the next support level of 1236.5. The pair is expected to find its first resistance at 1256.5, and a rise through could take it to the next resistance level of 1264.5.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
