Gold Movement
Gold prices traded lower by 2.18% against the USD in the 24 hour period ending 23:00GMT, at 1195.30 per ounce, as healthy US industrial and manufacturing data weighed on the demand for the precious yellow metal.
Also, the Fed’s interest rate decision, due to be announced on Wednesday, prompted investors to play safe.
In the Asian session, at GMT0400, the pair is trading at 1197.10, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1185.16, and a fall through could take it to the next support level of 1173.23. The pair is expected to find its first resistance at 1215.16, and a rise through could take it to the next resistance level of 1233.23.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
