Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Wed Apr 19 17 01:40 ET
For the 24 hours to 23:00 GMT, Gold rose 0.53% against the USD and closed at USD1291.90 per ounce, amid a softer US Dollar and increased risk aversion among investors on the back of geopolitical uncertainties across the globe.
In the Asian session, at GMT0300, the pair is trading at 1289.10, with the gold trading 0.22% lower against the USD from yesterday’s close.
The pair is expected to find support at 1281.67, and a fall through could take it to the next support level of 1274.23. The pair is expected to find its first resistance at 1295.47, and a rise through could take it to the next resistance level of 1301.83.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
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