Gold Movement
Gold prices traded lower by 0.36% against the USD in the 24-hour period ending 23:00GMT, at 1225.40 per ounce, extending its fifth-consecutive day of losses and touching a seven-week low level, driven by expectations that the US Federal Reserve would raise its benchmark interest rates soon.
In the Asian session, at GMT0300, the pair is trading at 1234.10, with the gold trading 0.71% higher from yesterday’s close.
The pair is expected to find support at 1224.07, and a fall through could take it to the next support level of 1214.03. The pair is expected to find its first resistance at 1240.67, and a rise through could take it to the next resistance level of 1247.23.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
