Gold Movement
Gold prices traded lower by 0.25% against the USD in the 24 hour period ending 23:00GMT, at 1174.60 per ounce, after the US economy shrank less than previously estimated in the first quarter of 2015, thus raising expectations of an interest rate hike by the Fed.
However, losses in gold prices were trimmed, on the back of yesterday’s failed debt negotiations between Greece and its creditors, as the proposals laid down by the debt ridden nation were rejected by the European Union officials.
Separately, gold holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 705.47 tons, compared to its previous close of 701.90 tons.
In the Asian session, at GMT0300, the pair is trading at 1176.40, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1169.76, and a fall through could take it to the next support level of 1163.13. The pair is expected to find its first resistance at 1181.36, and a rise through could take it to the next resistance level of 1186.33.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
