Gold Movement
Gold prices traded lower by 0.13% against the USD in the 24 hour period ending 23:00GMT, at 1084.50 per ounce, amid rising concerns about an interest rate hike by the US Federal Reserve in December.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to 661.94 tons, the lowest since September 2008.
In the Asian session, at GMT0400, the pair is trading at 1082.6, with the gold trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1074.07, and a fall through could take it to the next support level of 1065.53. The pair is expected to find its first resistance at 1090.07, and a rise through could take it to the next resistance level of 1097.53.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
