Gold Movement
Gold prices traded lower by 0.35% against the USD in the 24 hour period ending 23:00GMT, at 1181.20 per ounce, on the back of upbeat US advance retail sales data, raising speculations of an interest rate hike by the Fed later this year.
Separately, gold holding of the SPDR Gold Trust, narrowed to 704.22 tons, from its previous close of 705.72 tons
In the Asian session, at GMT0300, the pair is trading at 1182.10, with the gold trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1175.46, and a fall through could take it to the next support level of 1168.83. The pair is expected to find its first resistance at 1188.06, and a rise through could take it to the next resistance level of 1194.03.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
