Gold Movement
On Friday, Gold prices traded lower by 1.89% against the USD in the period ending 21:00GMT, at 1192.00 per ounce, as the US witnessed an upbeat non-farm payrolls data as well as lower unemployment rate in September, which boosted investor optimism and fuelled expectations that the Fed would raise its benchmark interest rates sooner than expected.
In the Asian session, at GMT0300, the pair is trading at 1189.8, with the gold trading 0.18% lower from Friday’s close.
The pair is expected to find support at 1177.4, and a fall through could take it to the next support level of 1165. The pair is expected to find its first resistance at 1208.1, and a rise through could take it to the next resistance level of 1226.4.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
