Gold Movement
Gold prices traded lower by 1.38% against the USD in the 24 hour period ending 23:00GMT, at 1211.20 per ounce, after the Fed in its latest monthly monetary policy decided to end to its monthly bond buying program, citing upbeat view over the US economy.
Meanwhile, gold holdings in the SPDR Gold Trust, the world’s largest bullion-backed exchange-traded fund declined to its lowest level since October 2008 at 742.40 metric tons yesterday.
In the Asian session, at GMT0400, the pair is trading at 1213.0, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1204.0, and a fall through could take it to the next support level of 1195.0 The pair is expected to find its first resistance at 1226.2, and a rise through could take it to the next resistance level of 1239.4.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
