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Gold: Yellow Metal Trading Lower In The Asian Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Thu May 18 17 01:01 ET

For the 24 hours to 23:00 GMT, Gold rose 1.75% against the USD and closed at USD1260.70 per ounce, amid weakness in the greenback following concerns over US political turmoil. Also, a broad decline in global equities boosted further gains in gold prices.

In the Asian session, at GMT0300, the pair is trading at 1259.80, with the gold trading 0.07% lower from yesterday’s close.

The pair is expected to find support at 1246.07, and a fall through could take it to the next support level of 1232.33. The pair is expected to find its first resistance at 1268.37, and a rise through could take it to the next resistance level of 1276.93.

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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