Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Fri Mar 17 17 02:10 ET
For the 24 hours to 23:00 GMT, Gold rose 0.62% against the USD and closed at USD1226.40 per ounce, amid broad weakness in the greenback.
In the Asian session, at GMT0400, the pair is trading at 1226.30, with the gold trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1221.60, and a fall through could take it to the next support level of 1216.90. The pair is expected to find its first resistance at 1232.50, and a rise through could take it to the next resistance level of 1238.70.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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