Gold Movement
Gold prices traded lower by 2.95% against the USD in the 24 hour period ending 23:00GMT, at 1097.50 per ounce, extending its previous session losses, following last week’s comment from the Fed Chief, Janet Yellen, about an interest rate lift-off in the US later this year.
In the Asian session, at GMT0300, the pair is trading at 1103.00, with the gold trading 0.5% higher from yesterday’s close.
The pair is expected to find support at 1091.56, and a fall through could take it to the next support level of 1080.13. The pair is expected to find its first resistance at 1116.16, and a rise through could take it to the next resistance level of 1129.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
