Gold Movement
Gold prices traded lower by 0.42% against the USD in the 24 hour period ending 23:00GMT, at 1161.90 per ounce, on rising speculations that the US Fed would raise interest rates around midyear.
Separately, gold holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, edged down to 753.04 tons, from its previous level of 756.32 tons.
In the Asian session, at GMT0400, the pair is trading at 1161.90, with the gold trading flat from yesterday’s close.
The pair is expected to find support at 1153.93, and a fall through could take it to the next support level of 1145.96. The pair is expected to find its first resistance at 1169.73, and a rise through could take it to the next resistance level of 1177.56.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
