Gold Movement
Gold prices traded lower by 1.05% against the USD in the 24 hour period ending 23:00GMT, at 1277.70 per ounce, as a larger than expected drop in the first time US jobless claims and a string of upbeat economic data fuelled expectations that the Fed could hike interest rates sooner than expected. The precious metal also came under pressure as traders eyed comments from Fed Chief Janet Yellen at a meeting of central bankers.
In the Asian session, at GMT0300, Gold is trading at 1279.5, 0.14% higher from yesterday’s close.
Gold is expected to find support at 1271.67, and a fall through could take it to the next support level of 1263.83. Gold is expected to find its first resistance at 1289.07, and a rise through could take it to the next resistance level of 1298.63.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
