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Gold: Yellow Metal Extends Its Gains In The Asian Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Thu Oct 12 17 01:58 ET

For the 24 hours to 23:00 GMT, Gold rose 0.17% against the USD and closed at USD1294.20 per ounce, after the latest Fed meeting minutes showed uncertainty on the US inflation outlook.

In the Asian session, at GMT0300, the pair is trading at 1295.60, with the gold trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 1289.47, and a fall through could take it to the next support level of 1283.33. The pair is expected to find its first resistance at 1299.07, and a rise through could take it to the next resistance level of 1302.53.

The yellow metal is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial

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.

 

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