Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Fri Apr 21 17 01:53 ET
For the 24 hours to 23:00 GMT, Gold rose 0.23% against the USD and closed at USD1283.50 per ounce, underpinned by simmering geopolitical tensions and anxiety ahead of the first round of French elections, scheduled this weekend.
In the Asian session, at GMT0300, the pair is trading at 1281.40, with the gold trading 0.16% lower against the USD from yesterday’s close.
The pair is expected to find support at 1277.87, and a fall through could take it to the next support level of 1274.33. The pair is expected to find its first resistance at 1285.07, and a rise through could take it to the next resistance level of 1288.73.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
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