Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Mon Jan 09 17 02:36 ET
For the 24 hours to 23:00 GMT, Gold declined 0.68% against the USD and closed at USD1172.50 per ounce on Friday, after robust wage gains in the US led to strength in the US Dollar and increased investor risk appetite.
In the Asian session, at GMT0400, the pair is trading at 1174.90, with the gold trading 0.2% higher from Friday’s close.
The pair is expected to find support at 1169.40, and a fall through could take it to the next support level of 1163.90. The pair is expected to find its first resistance at 1182.10, and a rise through could take it to the next resistance level of 1189.30.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
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