Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.44% against the USD and closed at USD1160.10 per ounce, on expectations of an interest rate hike by the US Federal Reserve (Fed) later today.
In the Asian session, at GMT0400, the pair is trading at 1162.30, with the gold trading 0.19% higher from yesterday’s close, with investors awaiting Fed’s interest rate decision, scheduled tonight, which is expected to deliver the second interest rate increase in a decade.
The pair is expected to find support at 1157.07, and a fall through could take it to the next support level of 1151.83. The pair is expected to find its first resistance at 1166.77, and a rise through could take it to the next resistance level of 1171.23.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
