The metal price has been trading in a tight range between 1243.80 and 1252.60 levels since 10 hours. The 200ema on the H1 chart finds at 1243.50 and earlier swing low finds at 1242.25 levels.
Alternatively, resistance seems at 1250.00, 1253.00 and 1258.00 levels.
The 20&50 Dsma finds between 1237.25 and 1236.00 levels.
Though the price trading on lower swing highs on the hourly chart, still remains above daily moving averages.
Goldman’s commodities analyst Jeffrey Currie and Max Layton, who on Friday (April 22) in its latest report that it expects the Fed rate hike this year there will be three (Fed estimated at 2 times), so the future in the downlink under pressure, the gold price per ounce $ 1,100 or fall to the target level of the short-term , 12-month target level of $ 1,000 an ounce.
James Steel, HSBC (HSBC) analyst also believes that short-term gains in gold and silver prices are facing resistance. Gold price will be a period of consolidation at around $ 1250, it will continue to rise thereafter Goldtoutiao reported.
Traders focus on next week’s FOMC outcome and advance US GDP data.