Gold Movement
Gold prices traded higher by 0.14% against the USD in the 24 hour period ending 23:00GMT, at 1096.60 per ounce. However, gains in gold prices were kept in check, after the Fed’s recent monetary policy statement indicated that the US central bank kept the door open for an interest rate hike in September.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 680.15 tons, from its previous close of 684.63 tons.
In the Asian session, at GMT0300, the pair is trading at 1092.50, with the gold trading 0.37% lower from yesterday’s close.
The pair is expected to find support at 1087.70, and a fall through could take it to the next support level of 1082.90. The pair is expected to find its first resistance at 1099.40, and a rise through could take it to the next resistance level of 1106.30.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
