Gold Movement
Gold prices traded lower by 0.28% against the USD in the 24-hour period ending 23:00GMT, at 1233.00 per ounce, extending its previous session losses, with investors awaiting the outcome of the US Federal Reserve monetary policy meeting.
In the Asian session, at GMT0400, the pair is trading at 1233, with the gold trading flat from yesterday’s close.
The pair is expected to find support at 1227.03, and a fall through could take it to the next support level of 1221.07. The pair is expected to find its first resistance at 1238.83, and a rise through could take it to the next resistance level of 1244.67.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
