Gold Movement
Gold prices traded lower by 1.18% against the USD in the 24 hour period ending 23:00GMT, at 1070.20 per ounce, after upbeat US consumer price inflation data bolstered expectations that the US Federal Reserve will raise interest rates next month.
In the Asian session, at GMT0400, the pair is trading at 1065.7, with the gold trading 0.42% lower from yesterday’s close.
The pair is expected to find support at 1057.43, and a fall through could take it to the next support level of 1049.17. The pair is expected to find its first resistance at 1078.53, and a rise through could take it to the next resistance level of 1091.37.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
