Gold Movement
Gold prices traded lower by 1.41% against the USD in the 24 hour period ending 23:00GMT, at 1218.10 per ounce, amid a stronger US Dollar even as the Fed vowed to maintain its key interest rates near zero for a “considerable time”. However, it hinted that when it starts raising interest rates it would be faster than expected.
In the Asian session, at GMT0300, the pair is trading at 1224.1, with the gold trading 0.49% higher from yesterday’s close.
The pair is expected to find support at 1213.6333, and a fall through could take it to the next support level of 1203.1667. The pair is expected to find its first resistance at 1237.5333, and a rise through could take it to the next resistance level of 1250.9667.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
