Gold Movement
Gold prices traded 0.63% lower against the USD in the 24-hour period ending 23:00GMT on Friday, at USD1333.50 per ounce, as the greenback strengthened across the board after a top Federal Reserve official’s hawkish comments on US interest rate.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 1.12% to 939.94 tonnes.
In the Asian session, at GMT0300, the pair is trading at 1331.00, with the gold trading 0.19% lower from Friday’s close.
The pair is expected to find support at 1325.07, and a fall through could take it to the next support level of 1319.13. The pair is expected to find its first resistance at 1340.27, and a rise through could take it to the next resistance level of 1349.53.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
