Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Fri Jan 06 17 02:37 ET
For the 24 hours to 23:00 GMT, Gold advanced 1.44% against the USD and closed at USD1180.90 per ounce, as the US Dollar weakened following disappointing private sector employment data in the US.
In the Asian session, at GMT0400, the pair is trading at 1178.90, with the gold trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1171.30, and a fall through could take it to the next support level of 1163.70. The pair is expected to find its first resistance at 1186.20, and a rise through could take it to the next resistance level of 1193.50.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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