Gold Movement
Gold prices traded lower by 0.56% against the USD in the 24 hour period ending 23:00GMT, at 1169.60 per ounce, amid a broad strength in greenback and after upbeat US housing data further added to the ongoing uncertainty over the timing of the Federal Reserve interest rate hike.
In the Asian session, at GMT0300, the pair is trading at 1168.4, with the gold trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1164.33, and a fall through could take it to the next support level of 1160.27. The pair is expected to find its first resistance at 1175.33, and a rise through could take it to the next resistance level of 1182.27.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
