Gold Movement
On Friday, Gold prices traded lower by 3.71% against the USD in the period ending 21:00GMT, at 1106.70 per ounce, after the US annualized GDP growth was revised higher, thus renewing expectations that the Fed will increase key interest rates at its remaining two FOMC meetings of the year.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, edged up to 680.27 tons, from its previous close of 676.40 tons.
In the Asian session, at GMT0300, the pair is trading at 1145.90, with the gold trading 3.54% higher from Friday’s close.
The pair is expected to find support at 1140.56, and a fall through could take it to the next support level of 1135.23. The pair is expected to find its first resistance at 1150.76, and a rise through could take it to the next resistance level of 1155.63.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
