Gold Movement
For the 24 hours to 23:00 GMT, the Gold declined 0.78% against the USD and closed at USD1216.00 per ounce, amid gains in the greenback, after hawkish comments from the US Fed Chair, Janet Yellen, increased the prospects for a December interest rate hike.
In the Asian session, at GMT0400, the pair is trading at 1208.20, with the gold trading 0.64% lower from yesterday’s close.
The pair is expected to find support at 1198.43, and a fall through could take it to the next support level of 1188.67. The pair is expected to find its first resistance at 1224.53, and a rise through could take it to the next resistance level of 1240.87.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
