Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 1.26% against the USD and closed at 1142.40, after disappointing US service sector data and a weaker greenback due to the comments by the New York Fed President, William Dudley, prompted investors to scale back expectations for a near-term US interest rate hike.
In the Asian session, at GMT0400, the pair is trading at 1140.9, with the gold trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1128.40, and a fall through could take it to the next support level of 1115.90. The pair is expected to find its first resistance at 1149.80, and a rise through could take it to the next resistance level of 1158.70.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
