Gold Movement
Gold prices traded 0.52% higher against the USD in the 24-hour period ending 23:00GMT, at USD 1295.40 per ounce, hitting a six-week high level, after the US Federal Open Market Committee once again left the key interest rate unchanged.
Separately, holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, rose 0.23% to 900.75 tonnes, the highest since October 2013.
In the Asian session, at GMT0300, the pair is trading at 1302.70, with the gold trading 0.56% higher from yesterday’s close.
The pair is expected to find support at 1288.13, and a fall through could take it to the next support level of 1273.57. The pair is expected to find its first resistance at 1310.43, and a rise through could take it to the next resistance level of 1318.17.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
