Gold Movement
Gold prices traded lower by 1.53% against the USD in the 24-hour period ending 23:00GMT, at 1261.00 per ounce, halting a three-day winning streak, amid a broad strength in the greenback, after minutes of the US Federal Reserve’s latest meeting indicated that the central bank was considering raising interest rates in June.
In the Asian session, at GMT0300, the pair is trading at 1259.70, with the gold trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1250.60, and a fall through could take it to the next support level of 1241.50. The pair is expected to find its first resistance at 1274.10, and a rise through could take it to the next resistance level of 1288.50.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
