Gold Movement
Gold prices traded lower by 0.72% against the USD in the 24 hour period ending 23:00GMT, at 1093.70 per ounce, as a broad strength in the greenback on the back of upbeat housing data, which bolstered the case of an interest rate hike by the Fed later this year.
Gold prices further fell down, after the SPDR Gold Trust showed that its gold holdings dropped to 689.69 tons, compared to its previous close of 694.46 tons.
In the Asian session, at GMT0300, the pair is trading at 1096.80, with the gold trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 1088.76, and a fall through could take it to the next support level of 1080.73. The pair is expected to find its first resistance at 1101.66, and a rise through could take it to the next resistance level of 1106.53.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
