Gold Movement
Gold prices traded lower by 1.02% against the USD in the 24 hour period ending 23:00GMT, at 1295.20 per ounce, as Fed Chief, Janet Yellen in her testimony, indicated that increasing interest rates cannot be used as a solution to curb financial stability risks..
In the Asian session, at GMT0300, Gold is trading at 1297.10, 0.15% higher from yesterday’s close.
Gold is expected to find support at 1288.33, and a fall through could take it to the next support level of 1279.57. Gold is expected to find its first resistance at 1310.13, and a rise through could take it to the next resistance level of 1323.17.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
