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Gold: Yellow Metal Trading Higher In The Asian Session Print E-mail
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.

GCI Financial

DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

 

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