Gold Movement
Gold prices traded lower by 2.23% against the USD in the 24 hour period ending 23:00GMT, at 1106.70 per ounce, amid broad gains in the greenback and in anticipation that the US Fed will raise benchmark interest rates at its next FOMC meeting. Meanwhile, the SPDR Gold Trust showed that its gold holdings edged down to 674.61 tons, from its previous close of 678.18 tons.
In the Asian session, at GMT0300, the pair is trading at 1123.50, with the gold trading 1.52% higher from yesterday’s close.
The pair is expected to find support at 1117.30, and a fall through could take it to the next support level of 1111.10. The pair is expected to find its first resistance at 1132.90, and a rise through could take it to the next resistance level of 1142.30.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
