Gold Movement
Gold prices traded lower by 0.23% against the USD in the 24-hour period ending 23:00GMT, at 1,250.00 per ounce, extending its three-day losing streak, amid signs that the US Federal Reserve will raise interest rates soon.
In the Asian session, at GMT0300, the pair is trading at 1,247.50, with the gold trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1,241.93, and a fall through could take it to the next support level of 1,236.37. The pair is expected to find its first resistance at 1,254.63, and a rise through could take it to the next resistance level of 1,261.77.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
