Gold Movement
Gold prices traded higher by 1.48% against the USD in the 24-hour period ending 23:00GMT, at 1241.80 per ounce, extending its previous session gains, amid a weaker greenback, after the Federal Reserve Chair, Janet Yellen, indicated that the central bank will remain cautious with future interest rate hikes.
In the Asian session, at GMT0300, the pair is trading at 1239.1, with the gold trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1222.33, and a fall through could take it to the next support level of 1205.57. The pair is expected to find its first resistance at 1250.53, and a rise through could take it to the next resistance level of 1261.97.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
