Gold Movement
Gold prices traded lower by 0.62% against the USD in the 24 hour period ending 23:00GMT, at 1203.80 per ounce.
Losses in gold prices were kept in check, after the US registered worst than expected annualized GDP figure in Q1 2015. Additionally, gold prices also found support, after the Fed, at its FOMC meeting, indicated that the widely expected interest rate hike would not happen in June.
In the Asian session, at GMT0300, the pair is trading at 1203.70, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1198.43, and a fall through could take it to the next support level of 1193.16. The pair is expected to find its first resistance at 1211.23, and a rise through could take it to the next resistance level of 1218.76.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
