Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.29% against the USD and closed at USD1325.20 per ounce, pressured by upbeat US economic data that increased prospects for a Federal Reserve (Fed) rate hike next month.
In the Asian session, at GMT0300, the pair is trading at 1326.90, with the gold trading 0.13% higher from yesterday’s close, ahead of a speech by the Fed Chair, Janet Yellen, due later today.
The pair is expected to find support at 1321.87, and a fall through could take it to the next support level of 1316.83. The pair is expected to find its first resistance at 1331.07, and a rise through could take it to the next resistance level of 1335.23.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
