Gold Movement
On Friday, Gold prices traded lower by 0.61% against the USD in the period ending 21:00GMT, at 1197.60 per ounce, after the Fed Chairperson, Janet Yellen indicated that the US Fed would increase its interest rates in 2015.
Separately, gold holdings in the SPDR Gold Trust edged down to 737.24 tons, from its previous level of 743.21 tons.
In the Asian session, at GMT0300, the pair is trading at 1194.60, with the gold trading 0.25% lower from Friday’s close.
The pair is expected to find support at 1189.00, and a fall through could take it to the next support level of 1183.40. The pair is expected to find its first resistance at 1203.40, and a rise through could take it to the next resistance level of 1212.20.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
