Gold Movement
Gold prices traded higher by 0.29% against the USD in the 24 hour period ending 23:00GMT, at 1204.90 per ounce, amid a broad weakness in the greenback after the Fed Chief, Janet Yellen pushed back the likely timing of an interest rate hike in the US.
In the Asian session, at GMT0400, the pair is trading at 1209.00, with the gold trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 1202.70, and a fall through could take it to the next support level of 1196.40. The pair is expected to find its first resistance at 1213.50, and a rise through could take it to the next resistance level of 1218.00
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
