Gold Movement
Gold prices traded lower by 0.86% against the USD in the 24 hour period ending 23:00GMT, at 1157.30 per ounce, giving up gains from its previous session, after a hawkish statement by the US Federal Reserve at its latest meeting.
The central bank kept its benchmark interest rates unchanged but hinted at a possible hike in December, thus hitting the demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1160.1, with the gold trading 0.24% higher from yesterday’s close.
The pair is expected to find support at 1147.10, and a fall through could take it to the next support level of 1134.10. The pair is expected to find its first resistance at 1178.10, and a rise through could take it to the next resistance level of 1196.10.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
