Gold Movement
Gold prices traded lower by 1.26% against the USD in the 24 hour period ending 23:00GMT, at 1132.30 per ounce, amid a broad rally in global equity markets
However, losses in gold prices were capped, with investors continuing to bet that the US Fed will delay its decision of raising interest rates this year.
In the Asian session, at GMT0300, the pair is trading at 1143.90, with the gold trading 1.02% higher from yesterday’s close.
The pair is expected to find support at 1138.80, and a fall through could take it to the next support level of 1133.70. The pair is expected to find its first resistance at 1151.30, and a rise through could take it to the next resistance level of 1158.70.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
