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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

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