Gold Movement
Gold prices traded lower by 0.62% against the USD in the 24 hour period ending 23:00GMT, at 1148.10 per ounce, after the Fed Chief, Janet Yellen, in her testimony, reiterated that the central bank will likely raise its key interest rate later this year.
Gold prices further came under pressure, after the Greek parliament approved the austerity measures laid by the creditors to kick start the €86 billion Euro-zone bailout deal.
Separately, gold holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 709.07 tons, from its previous level of 707.58 tons.
In the Asian session, at GMT0300, the pair is trading at 15.04, with the gold trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 14.88, and a fall through could take it to the next support level of 14.73. The pair is expected to find its first resistance at 15.26, and a rise through could take it to the next resistance level of 15.49.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
