Gold Movement
Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1061.00 per ounce, amid a broad strength in the greenback along with the looming Fed interest rate decision scheduled later today.
In the Asian session, at GMT0400, the pair is trading at 1063.9, with the gold trading 0.27% higher from yesterday’s close.
The pair is expected to find support at 1058.23, and a fall through could take it to the next support level of 1052.57. The pair is expected to find its first resistance at 1068.73, and a rise through could take it to the next resistance level of 1073.57.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
