Gold Movement
Gold prices traded higher by 0.18% against the USD in the 24 hour period ending 23:00GMT, at 1106.70 per ounce, as the greenback weakened against its peers and with a subdued US inflation data, dented hopes of an interest rate hike by the Fed in September.
Meanwhile, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 678.18 tons, from its previous level.
In the Asian session, at GMT0300, the pair is trading at 1119.80, with the gold trading 1.18% higher from yesterday’s close.
The pair is expected to find support at 1107.56, and a fall through could take it to the next support level of 1095.33. The pair is expected to find its first resistance at 1127.86, and a rise through could take it to the next resistance level of 1135.93.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
