Gold Movement
Gold prices traded higher by 0.31% against the USD in the 24 hour period ending 23:00GMT, at 1170.70 per ounce, extending its previous session gains, on the back of the Fed statement that the US central bank would not raise interest rates in April.
Separately, gold holdings in the SPDR Gold Trust expanded to 749.77 tons, from its previous level of 747.98 tons.
In the Asian session, at GMT0400, the pair is trading at 1170.50, with the gold trading a tad lower from yesterday’s close.
The pair is expected to find support at 1161.53, and a fall through could take it to the next support level of 1152.56. The pair is expected to find its first resistance at 1176.53, and a rise through could take it to the next resistance level of 1182.56.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
