Gold Movement
Gold prices traded lower by 1.47% against the USD in the 24 hour period ending 23:00GMT, at 1088.00 per ounce, continuing its downward slide, after a buoyant US jobs report increased the likelihood of a December interest rate hike by the Federal Reserve.
In the Asian session, at GMT0400, the pair is trading at 1092.9, with the gold trading 0.49% higher from Friday’s close.
The pair is expected to find support at 1081.70, and a fall through could take it to the next support level of 1070.50. The pair is expected to find its first resistance at 1106.90, and a rise through could take it to the next resistance level of 1120.90.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
