Gold Movement
Gold prices traded higher by 0.24% against the USD in the 24 hour period ending 23:00GMT, at 1207.60 per ounce, with investors keeping an eye on the timing of the Fed interest rate hike.
In the Asian session, at GMT0300, the pair is trading at 1206.00, with the gold trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1203.30, and a fall through could take it to the next support level of 1200.60. The pair is expected to find its first resistance at 1208.80, and a rise through could take it to the next resistance level of 1211.60.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
