Gold Movement
Gold prices traded lower by 0.43% against the USD in the 24 hour period ending 23:00GMT, at 1070.20 per ounce, after the release of robust U.S. economic data reinforced expectations of an interest rate hike by the US Federal Reserve next month.
In the Asian session, at GMT0400, the pair is trading at 1073.7, with the gold trading 0.33% higher from yesterday’s close.
The pair is expected to find support at 1067.03, and a fall through could take it to the next support level of 1060.37. The pair is expected to find its first resistance at 1080.13, and a rise through could take it to the next resistance level of 1086.57.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
