Gold Movement
Gold prices traded lower by 0.13% against the USD in the 24 hour period ending 23:00GMT, at 1173.10 per ounce, as expectations of the Fed’s September interest rate hike remained high. However, losses in gold prices were capped, after Greece once again failed to strike a deal with its international lenders ahead of a deadline, which is at the end of this month.
In the Asian session, at GMT0300, the pair is trading at 1174.20, with the gold trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1170.70, and a fall through could take it to the next support level of 1167.20. The pair is expected to find its first resistance at 1177.50, and a rise through could take it to the next resistance level of 1180.80.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
