Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1224.90 per ounce, amid mounting speculation of a further delay in the Fed’s interest rate hike.
Separately, gold holdings in the SPDR Gold Trust, remained unchanged at 723.91 tons.
In the Asian session, at GMT0300, the pair is trading at 1222.40, with the gold trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1217.60, and a fall through could take it to the next support level of 1212.80. The pair is expected to find its first resistance at 1229.60, and a rise through could take it to the next resistance level of 1236.80.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
