Gold Movement
Gold prices traded lower by 0.23% against the USD in the 24 hour period ending 23:00GMT, at 1071.60 per ounce, giving up its previous session gains, with market participants remaining cautious ahead of an anticipated US Federal Reserve rate hike next week.
In the Asian session, at GMT0400, the pair is trading at 1073.8, with the gold trading 0.21% higher from yesterday’s close.
The pair is expected to find support at 1066.67, and a fall through could take it to the next support level of 1059.53. The pair is expected to find its first resistance at 1082.97, and a rise through could take it to the next resistance level of 1092.13.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
