Gold Movement
Gold prices traded lower by 1.32% against the USD in the 24 hour period ending 23:00GMT, at 1196.20 per ounce, amid a broad strength in the greenback, thus decreasing the yellow-metal’s demand.
Additionally, gold prices came under further pressure after one of the top Fed policymaker stated that the central bank is inching closer to replacing its pledge to hold rates close to zero for a “considerable time”.
Yesterday, gold holdings in the SPDR Gold Trust remained unchanged at 717.63 tons.
In the Asian session, at GMT0400, the pair is trading at 1199.50, with the gold trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 1190.46, and a fall through could take it to the next support level of 1181.43. The pair is expected to find its first resistance at 1209.46, and a rise through could take it to the next resistance level of 1219.43.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
