Gold Movement
Gold prices traded higher by 1.44% against the USD in the 24 hour period ending 23:00GMT, at 1201.10 per ounce, as the Fed maintained its dovish tone on increasing interest rate at its latest FOMC meet along with uncertainty about Greece’s debt settlement with its creditors stoked the demand for the safe haven yellow metal.
Separately, gold holdings of the SPDR Gold Trust, remained unchanged at 701.90 tons from its previous close of 703.98 tons.
In the Asian session, at GMT0300, the pair is trading at 1201.30, with the gold trading a tad higher from yesterday’s close.
The pair is expected to find support at 1187.96, and a fall through could take it to the next support level of 1174.63. The pair is expected to find its first resistance at 1210.16, and a rise through could take it to the next resistance level of 1219.03.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
