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Yellow Metal Reverses Its Gains In The Morning Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Fri Feb 09 18 02:05 ET

For the 24 hours to 23:00 GMT, Gold rose 0.35% against the USD and closed at USD1320.80 per ounce, boosted by safe-haven demand after a sharp decline in US equities spooked investors.

In the Asian session, at GMT0400, the pair is trading at 1319.20, with gold trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 1310.47, and a fall through could take it to the next support level of 1301.73. The pair is expected to find its first resistance at 1326.47, and a rise through could take it to the next resistance level of 1333.73.

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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