Gold Movement
Gold prices traded lower by 0.55% against the USD in the 24 hour period ending 23:00GMT, at 1242.00 per ounce, after encouraging consumer prices data from the US raised speculations that the Fed might think about a rate hike in its upcoming monetary policy meeting, scheduled next week.
In the Asian session, at GMT0300, the pair is trading at 1244, with the gold trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1239.83, and a fall through could take it to the next support level of 1235.66. The pair is expected to find its first resistance at 1249.03, and a rise through could take it to the next resistance level of 1254.06.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
