Gold Movement
Gold prices traded lower by 0.66% against the USD in the 24 hour period ending 23:00GMT, at 1177.50 per ounce, on the back of hawkish comments from the Fed Governor, Jerome Powell about a first interest rate hike in the US in nearly a decade.
Gold prices further came under pressure, as the global equity markets rallied on rising expectations that Greece would strike a deal with its creditors to avoid a default, thus dimming the safe-haven metal’s attractiveness to the bullion investors.
Separately, gold holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, expanded to 705.47 tons, from its previous close of 701.90 tons.
In the Asian session, at GMT0300, the pair is trading at 1176.7, with the gold trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1172.13, and a fall through could take it to the next support level of 1167.56. The pair is expected to find its first resistance at 1184.33, and a rise through could take it to the next resistance level of 1191.96.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
