Gold: Yellow metal trading lower in the Asian session

Gold

Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.93% against the USD and closed at USD1161.50 per ounce on Friday, after robust consumer confidence data in the US intensified expectations of a Federal Reserve interest rate hike later this week.

In the Asian session, at GMT0400, the pair is trading at 1160.70, with the gold trading 0.07% lower from Friday’s close.

The pair is expected to find support at 1153.27, and a fall through could take it to the next support level of 1145.83. The pair is expected to find its first resistance at 1170.97, and a rise through could take it to the next resistance level of 1181.23.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

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