Gold Movement
Gold prices traded lower by 0.70% against the USD in the 24 hour period ending 23:00GMT, at 1284.90 per ounce, on the back of the Fed’s upbeat assessment of the US economy and the nation’s labour market, thereby boosting the greenback.
In the Asian session, at GMT0400, the pair is trading at 1282.90, with the gold trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1276.40, and a fall through could take it to the next support level of 1269.90. The pair is expected to find its first resistance at 1291.70, and a rise through could take it to the next resistance level of 1300.50.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
