Gold Movement
Gold prices traded lower by 2.67% against the USD in the 24 hour period ending 23:00GMT, at 1106.70 per ounce, amid a broad strength in the greenback, as one of the key Fed officials indicated that the central bank could tighten its current monetary policy at its upcoming FOMC meeting.
Meanwhile, gold holdings in the SPDR Gold Trust remained unchanged at 678.18 tons, compared to its previous close.
In the Asian session, at GMT0300, the pair is trading at 1133.30, with the gold trading 2.4% higher from yesterday’s close.
The pair is expected to find support at 1128.20, and a fall through could take it to the next support level of 1123.10. The pair is expected to find its first resistance at 1138.90, and a rise through could take it to the next resistance level of 1144.50.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
