Gold Movement
Gold prices traded lower by 1.94% against the USD in the 24 hour period ending 23:00GMT, at 1224.20 per ounce, amid broad gains in the greenback, following hawkish remarks by Fed officials supporting another increase in interest rates when policymakers gather next month.
In the Asian session, at GMT0400, the pair is trading at 1221.2, with the gold trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 1210.30, and a fall through could take it to the next support level of 1199.40. The pair is expected to find its first resistance at 1238.20, and a rise through could take it to the next resistance level of 1255.20.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
