Gold Movement
Gold prices traded lower by 0.98% against the USD in the 24-hour period ending 23:00GMT, at 1243.70 per ounce, amid a broad strength in the greenback, after hawkish comments from the US Federal Reserve officials renewed expectations of a near-term interest rate hike.
In the Asian session, at GMT0400, the pair is trading at 1247, with the gold trading 0.27% higher from yesterday’s close.
The pair is expected to find support at 1240.70, and a fall through could take it to the next support level of 1234.40. The pair is expected to find its first resistance at 1253.80, and a rise through could take it to the next resistance level of 1260.60.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
