Gold Movement
Gold prices traded lower by 0.32% against the USD in the 24 hour period ending 23:00GMT, at 1169.00 per ounce, extending its previous session losses. Meanwhile, expectations of a possible interest rate hike by the Fed at its September meeting continued to hit the demand of the safe-haven yellow metal.
Separately gold holdings in the SPDR Gold Trust, narrowed to 709.65 tons, from its previous close of 711.44 tons.
In the Asian session, at GMT0300, the pair is trading at 1167.30, with the gold trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1161.56, and a fall through could take it to the next support level of 1155.83. The pair is expected to find its first resistance at 1173.36, and a rise through could take it to the next resistance level of 1179.43.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
