Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Thu Mar 16 17 07:42 ET
For the 24 hours to 23:00 GMT, Gold rose 1.64% against the USD and closed at USD1218.60 per ounce, as the US Dollar tumbled after the Federal Reserve signalled a cautious stance on interest rate policy this year.
In the Asian session, at GMT0400, the pair is trading at 1224.80, with the gold trading 0.51% higher against the USD from yesterday’s close.
The pair is expected to find support at 1205.87, and a fall through could take it to the next support level of 1186.93. The pair is expected to find its first resistance at 1234.67, and a rise through could take it to the next resistance level of 1244.53.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
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