Gold Movement
Gold prices traded lower by 0.35% against the USD in the 24 hour period ending 23:00GMT, at 1181.20 per ounce, ahead of the Fed’s announcement regarding its highly anticipated interest rate decision.
Separately, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, narrowed to 701.90 tons from its previous close of 703.98 tons.
In the Asian session, at GMT0300, the pair is trading at 1179.10, with the gold trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1173.86, and a fall through could take it to the next support level of 1168.63. The pair is expected to find its first resistance at 1185.86, and a rise through could take it to the next resistance level of 1192.63.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
