Gold Movement
Gold prices traded lower by 0.95% against the USD in the 24 hour period ending 23:00GMT, at 1199.70 per ounce, continuing its earlier session losses after the US reported a robust annualized GDP data in 3Q 2014, increasing expectations of a sooner than expected interest rate hike from the Fed.
Separately, gold holdings in SPDR Gold trust narrowed to 741.2 metric tons, marking its lowest level since October 2008.
In the Asian session, at GMT0400, the pair is trading at 1198.20, with the gold trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1191.33, and a fall through could take it to the next support level of 1184.47. The pair is expected to find its first resistance at 1209.23, and a rise through could take it to the next resistance level of 1220.26.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
