Gold Movement
Gold prices traded higher by 0.71% against the USD in the 24 hour period ending 23:00GMT, at 1163.40 per ounce, after expectations that the US Federal Reserve will delay its decision to raise interest rates this year resurfaced, thus boosting the demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1154, with the gold trading 0.81% lower from yesterday’s close.
The pair is expected to find support at 1147.80, and a fall through could take it to the next support level of 1141.60. The pair is expected to find its first resistance at 1164.40, and a rise through could take it to the next resistance level of 1174.80.
The yellow metal is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
