Gold Movement
Gold prices traded higher by 0.26% against the USD in the 24 hour period ending 23:00GMT, at 1212.10 per ounce, following a weaker greenback after the US Fed, in its recently issued minutes, dented hopes of an interest rate hike in June.
Meanwhile, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 768.26 tons.
In the Asian session, at GMT0400, the pair is trading at 1215.60, with the gold trading 0.29% higher from yesterday’s close.
The pair is expected to find support at 1202.73, and a fall through could take it to the next support level of 1189.86. The pair is expected to find its first resistance at 1222.93, and a rise through could take it to the next resistance level of 1230.26.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
