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Gold: Yellow Metal Trading On A Weaker Footing This Morning Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Mon Nov 20 17 01:55 ET

For the 24 hours to 23:00 GMT, Gold rose 1.23% against the USD and closed at USD1294.30 per ounce on Friday, led by weakness in the US Dollar following uncertainty over the fate of a major US tax reform plan.

In the Asian session, at GMT0400, the pair is trading at 1292.00, with gold trading 0.18% lower against the USD from Friday’s close.

The pair is expected to find support at 1282.83, and a fall through could take it to the next support level of 1273.67. The pair is expected to find its first resistance at 1299.33, and a rise through could take it to the next resistance level of 1306.67.

The yellow metal is trading above 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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