Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 1.04% against the USD and closed at USD1203.70 per ounce, as the greenback strengthened after the US Fed Chair, Janet Yellen, signalled that the American economy is strong enough to warrant higher interest rates.
In the Asian session, at GMT0400, the pair is trading at 1202.00, with the gold trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1193.97, and a fall through could take it to the next support level of 1185.93. The pair is expected to find its first resistance at 1213.17, and a rise through could take it to the next resistance level of 1224.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
