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Gold: Yellow Metal Trading A Tad Lower In The Morning Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Fri Aug 11 17 01:22 ET

For the 24 hours to 23:00 GMT, Gold rose 0.77% against the USD and closed at USD1292.20 per ounce, as heightened geopolitical tensions between the US and North Korea led to a sharp decline in global equities and increased demand for safe haven yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1292.00, with the gold trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1283.97, and a fall through could take it to the next support level of 1275.93. The pair is expected to find its first resistance at 1297.47, and a rise through could take it to the next resistance level of 1302.93.

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

GCI Financial

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