Gold Movement
Gold prices traded higher by 0.57% against the USD in the 24 hour period ending 23:00GMT, at 1132.30 per ounce.
However, the yellow metal’s prices pared its gains, on upbeat US private sector employment data, which boosted prospects that the Fed will tighten its monetary policy either next month or in December.
Meanwhile, gold holdings in the SPDR Gold Trust, remained unchanged at 684.14 tons, from its previous close.
In the Asian session, at GMT0300, the pair is trading at 1114.90, with the gold trading 1.54% lower from yesterday’s close.
The pair is expected to find support at 1108.23, and a fall through could take it to the next support level of 1101.56. The pair is expected to find its first resistance at 1124.13, and a rise through could take it to the next resistance level of 1133.36.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
