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Yellow Metal Extends Its Losses In The Asian Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Wed Jan 10 18 04:20 ET

For the 24 hours to 23:00 GMT, Gold declined 0.52% against the USD and closed at USD1313.60 per ounce, as the US dollar rallied along with global equities, taking the shine out of the safe-haven asset.

In the Asian session, at GMT0400, the pair is trading at 1311.80, with gold trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 1306.80, and a fall through could take it to the next support level of 1301.80. The pair is expected to find its first resistance at 1318.90, and a rise through could take it to the next resistance level of 1326.00.

The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

GCI Financial

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