Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.45% against the USD and closed at USD1337.70 per ounce, after the US Federal Reserve held benchmark interest rate steady.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.6% to 944.4 tonnes.
In the Asian session, at GMT0300, the pair is trading at 1337.30, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1318.37, and a fall through could take it to the next support level of 1299.43. The pair is expected to find its first resistance at 1348.77, and a rise through could take it to the next resistance level of 1360.23.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
