Gold Movement
Gold prices traded higher by 0.13% against the USD in the 24 hour period ending 23:00GMT, at 1196.90 per ounce, amid a broad weakening in the greenback, on the back of dismal economic releases from the US.
Yesterday, the SPDR Gold Trust indicated that its gold holdings dropped to 723.36 tons.
In the Asian session, at GMT0400, the pair is trading at 1197.70, with the gold trading 0.07% higher from yesterday’s close, ahead of the Fed’s monetary policy outcome, scheduled later today.
The pair is expected to find support at 1182.36, and a fall through could take it to the next support level of 1167.03. The pair is expected to find its first resistance at 1218.46, and a rise through could take it to the next resistance level of 1239.23.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
