Gold Movement
Gold prices traded higher by 0.42% against the USD in the 24 hour period ending 23:00GMT, at 1211.20 per ounce, as demand for the yellow metal rose on the back of a weak US Dollar and decline in the global equity markets.,
In the Asian session, at GMT0300, the pair is trading at 1213.3, with the gold trading 0.17% higher from yesterday’s close, ahead of the release of minutes from the Fed’s September monetary policy meeting scheduled later today.
The pair is expected to find support at 1205.86, and a fall through could take it to the next support level of 1198.43. The pair is expected to find its first resistance at 1217.86, and a rise through could take it to the next resistance level of 1222.43.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
