HomeContributorsFundamental AnalysisGold: Yellow Metal Reverses Its Gains In The Asian Session

Gold: Yellow Metal Reverses Its Gains In The Asian Session

For the 24 hours to 23:00 GMT, Gold rose 0.21% against the USD and closed at USD1305.80 per ounce, amid weakness in the US dollar.

In the Asian session, at GMT0400, the pair is trading at 1304.50, with gold trading 0.10% lower against the USD from yesterday’s close.

The pair is expected to find support at 1301.67, and a fall through could take it to the next support level of 1298.83. The pair is expected to find its first resistance at 1309.07, and a rise through could take it to the next resistance level of 1313.63.

The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Featured Analysis

Learn Forex Trading