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Gold: Yellow Metal Trading On A Stronger Footing This Morning Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Fri May 19 17 01:52 ET

For the 24 hours to 23:00 GMT, Gold declined 1.13% against the USD and closed at USD1246.80 per ounce, as robust US economic data dented demand for the precious yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1249.7, with the gold trading 0.23% higher from yesterday’s close, as investors seek shelter in the safe haven currency amid growing political turmoil in the US.

The pair is expected to find support at 1241.93, and a fall through could take it to the next support level of 1234.17. The pair is expected to find its first resistance at 1261.23, and a rise through could take it to the next resistance level of 1272.77.

The yellow metal is trading below 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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