Gold Movement
Gold prices traded lower by 2.08% against the USD in the 24 hour period ending 23:00GMT, at 1106.70 per ounce, after the Fed Chairwoman, Janet Yellen, reiterated that the US central bank is on track to raise benchmark interest rates by the end of the year, for the first time since 2006.
Meanwhile, gold holdings in the SPDR Gold Trust expanded to 676.40 tons, from its previous close of 675.80 tons.
In the Asian session, at GMT0300, the pair is trading at 1147.60, with the gold trading 3.7% higher from yesterday’s close.
The pair is expected to find support at 1134.80, and a fall through could take it to the next support level of 1122.00. The pair is expected to find its first resistance at 1158.40, and a rise through could take it to the next resistance level of 1169.20.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
