Gold Movement
Gold prices traded lower by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1089.60 per ounce, as the US initial jobless claims fell more than expected, thus strengthening expectations that the Fed will raise its key interest rates in its September FOMC meeting.
Separately, gold holdings in the SPDR Gold Trust narrowed to 687.31 tons, from its previous close of 689.69 tons.
In the Asian session, at GMT0300, the pair is trading at 1080.00, with the gold trading 0.88% lower from yesterday’s close.
The pair is expected to find support at 1066.56, and a fall through could take it to the next support level of 1053.13. The pair is expected to find its first resistance at 1099.16, and a rise through could take it to the next resistance level of 1118.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
