Gold Movement
Gold prices traded lower by 0.17% against the USD in the 24 hour period ending 23:00GMT, at 1084.60 per ounce, after stronger than expected US ISM non-manufacturing PMI data bolstered the case of an imminent rate hike by the Fed.
Separately, gold holdings in the SPDR Gold Trust dropped to 670.62 tons, from its previous level of 680.15 tons
In the Asian session, at GMT0300, the pair is trading at 1084.30, with gold trading slightly lower from yesterday’s close.
The pair is expected to find support at 1080.30 and a fall through could take it to the next support level of 1076.30. The pair is expected to find its first resistance at 1090.00, and a rise through could take it to the next resistance level of 1095.70
The yellow metal is trading below its 20 Hr and 50 Hr moving average.
