Gold Movement
Gold prices traded higher by 0.42% against the USD in the 24 hour period ending 23:00GMT, at 1110.60 per ounce, amid a broad weakness in the greenback coupled with uncertainty over the Fed’s next week’s interest rate decision, which boosted the demand for the safe-haven metal.
Yesterday, gold holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to 672.18 tons from its previous close of 682.35 tons.
In the Asian session, at GMT0300, the pair is trading at 1111.30, with the gold trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1105.50, and a fall through could take it to the next support level of 1099.70. The pair is expected to find its first resistance at 1115.60, and a rise through could take it to the next resistance level of 1119.90.
The yellow metal is showing above its 20 Hr moving and showing convergence with its 50 Hr moving average.
