Gold Movement
Gold prices traded lower by 0.92% against the USD in the 24 hour period ending 23:00GMT, at 1107.50 per ounce, after the US Federal Reserve Chairperson, Janet Yellen reiterated that the central bank could raise interest rates at its December meeting.
In the Asian session, at GMT0400, the pair is trading at 1110.3, with the gold trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 1103.23, and a fall through could take it to the next support level of 1096.17. The pair is expected to find its first resistance at 1119.73, and a rise through could take it to the next resistance level of 1129.17.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
