Gold Movement
Gold prices traded higher by 0.09% against the USD in the 24 hour period ending 23:00GMT, at 1209.50 per ounce, after the latest Fed minutes revealed that a rate hike was doubtful at the next FOMC meeting in June.
Separately, gold holdings in the SPDR Gold Trust remained unchanged at 718.24 tons, from its previous close of 723.91 tons.
In the Asian session, at GMT0300, the pair is trading at 1211.20, with the gold trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1204.86, and a fall through could take it to the next support level of 1198.53. The pair is expected to find its first resistance at 1215.36, and a rise through could take it to the next resistance level of 1219.53.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
