Gold Movement
Gold prices traded 0.20% higher against the USD in the 24-hour period ending 23:00GMT, at USD1364.90 per ounce, after minutes from the US Federal Reserve’s June board meeting showed that the central bank would refrain from raising interest rate anytime soon, taking into account global economic headwinds.
In the Asian session, at GMT0300, the pair is trading at 1371.10, with the gold trading 0.45% higher from yesterday’s close.
The pair is expected to find support at 1362.23, and a fall through could take it to the next support level of 1353.37. The pair is expected to find its first resistance at 1378.73, and a rise through could take it to the next resistance level of 1386.37.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
