Gold Movement
Gold prices traded lower by 1.41% against the USD in the 24 hour period ending 23:00GMT, at 1053.00 per ounce, after hawkish comments by the Fed Chairperson, Janet Yellen and an upbeat Beige Book report on US economy bolstered expectations of an interest rate hike this month.
Separately, gold holdings at the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund fell 2.4% to 639.0 tonnes on Wednesday, the lowest since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1050.1, with the gold trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 1040.80, and a fall through could take it to the next support level of 1031.50. The pair is expected to find its first resistance at 1064.00, and a rise through could take it to the next resistance level of 1077.90.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
