Gold Movement
Gold prices traded lower by 0.76% against the USD in the 24 hour period ending 23:00GMT, at 1176.20 per ounce, after US initial jobless claims rose less than expected, thus raising expectations that the Fed’s interest rate hike should come in its September meeting.
In the Asian session, at GMT0300, the pair is trading at 1177.30, with the gold trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1170.93, and a fall through could take it to the next support level of 1164.56. The pair is expected to find its first resistance at 1185.13, and a rise through could take it to the next resistance level of 1192.96.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
