Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Thu Feb 16 17 02:43 ET
For the 24 hours to 23:00 GMT, Gold rose 0.41% against the USD and closed at USD1234.70 per ounce, as the greenback retreated, thus boosting demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1236.50, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1223.33, and a fall through could take it to the next support level of 1210.17. The pair is expected to find its first resistance at 1243.83, and a rise through could take it to the next resistance level of 1251.17.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
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