Gold Movement
Gold prices traded lower by 0.17% against the USD in the 24 hour period ending 23:00GMT, at 1226.20 per ounce, ahead of the Fed’s monetary policy decision meeting which begins today, with speculations rising that the Fed would end its bond buying programme.
Meanwhile, data revealed that the sales of gold coins by the US Mint are all set to record two consecutive months of rise for the first time since January.
In the Asian session, at GMT0400, the pair is trading at 1227.40, with the gold trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1222.40, and a fall through could take it to the next support level of 1217.40. The pair is expected to find its first resistance at 1232.20, and a rise through could take it to the next resistance level of 1237.00
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
