Gold Movement
Gold prices traded lower by 0.88% against the USD in the 24 hour period ending 23:00GMT, at 1142.50 per ounce, as the global equity markets stabilised after PBoC cut its benchmark interest rate by 25 basis points to 4.6%. A stronger dollar also led to losses in the precious metal’s prices.
In the Asian session, at GMT0300, the pair is trading at 1137.30, with gold trading 0.46% lower from yesterday’s close.
The pair is expected to find support at 1128.76, and a fall through could take it to the next support level of 1120.23. The pair is expected to find its first resistance at 1151.06, and a rise through could take it to the next resistance level of 1164.83.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
