Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Thu Apr 20 17 01:53 ET
For the 24 hours to 23:00 GMT, Gold declined 0.81% against the USD and closed at USD1281.10 per ounce, amid broad strength in the greenback.
In the Asian session, at GMT0300, the pair is trading at 1281.30, with the gold trading a tad higher from yesterday’s close.
The pair is expected to find support at 1274.70, and a fall through could take it to the next support level of 1268.10. The pair is expected to find its first resistance at 1288.60, and a rise through could take it to the next resistance level of 1295.90.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
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