Gold Movement
Gold prices traded lower by 0.30% against the USD in the 24 hour period ending 23:00GMT, at 1085.90 per ounce, extending its previous session losses, over persistent fears of an interest rate hike by the US Federal Reserve next month.
In the Asian session, at GMT0400, the pair is trading at 1087, with the gold trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1082.30, and a fall through could take it to the next support level of 1077.60. The pair is expected to find its first resistance at 1092.60, and a rise through could take it to the next resistance level of 1098.20.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
