Gold Movement
Gold prices traded lower by 1.58% against the USD in the 24 hour period ending 23:00GMT, at 1267.10 per ounce, following upbeat economic data from the US raised speculations that the Fed might increase its interest rates sooner than expected.
In the Asian session, at GMT0300, the pair is trading at 1268.3, with the gold trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1259.3667, and a fall through could take it to the next support level of 1250.4333. The pair is expected to find its first resistance at 1280.9667, and a rise through could take it to the next resistance level of 1293.6333.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
