Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Fri Feb 17 17 02:25 ET
For the 24 hours to 23:00 GMT, Gold rose 0.46% against the USD and closed at USD1240.10 per ounce, as weakness in the greenback and global political uncertainties boosted demand for the safe haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1239.50, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1234.03, and a fall through could take it to the next support level of 1228.57. The pair is expected to find its first resistance at 1244.33, and a rise through could take it to the next resistance level of 1249.17.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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