Gold Movement
On Friday, Gold prices traded lower by 2.17% against the USD in the period ending 21:00GMT, at 1106.70 per ounce, as greenback strengthened against its major peers along with prospects that the Fed would raise interest rates in the US later this year.
Meanwhile, gold holdings of the SPDR Gold Trust, remained unchanged at 678.18 tons.
In the Asian session, at GMT0300, the pair is trading at 1137.60, with the gold trading 2.79% higher from Friday’s close.
The pair is expected to find support at 1129.16, and a fall through could take it to the next support level of 1120.73. The pair is expected to find its first resistance at 1143.76, and a rise through could take it to the next resistance level of 1149.93.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
