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Gold: Yellow Metal Trading A Tad Lower In The Asian Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Wed Oct 11 17 02:41 ET

For the 24 hours to 23:00 GMT, Gold rose 0.33% against the USD and closed at USD1290.70 per ounce, as a broad weakness in the greenback boosted demand for the precious yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1290.40, with the gold trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1286.50, and a fall through could take it to the next support level of 1282.60. The pair is expected to find its first resistance at 1295.50, and a rise through could take it to the next resistance level of 1300.60.

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

GCI Financial

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