Gold Movement
Gold prices traded lower by 0.49% against the USD in the 24 hour period ending 23:00GMT, at 1148.70 per ounce, ahead of the Fed’s closely watched monetary policy meeting, scheduled later today, as the market speculates whether the US central bank would make any announcements regarding its interest rate decision.
Separately, gold holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, narrowed to 750.67 tons, compared to its previous level of 750.95 tons.
In the Asian session, at GMT0400, the pair is trading at 1150.20, with the gold trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1141.43, and a fall through could take it to the next support level of 1132.66. The pair is expected to find its first resistance at 1159.13, and a rise through could take it to the next resistance level of 1168.06.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
