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Yellow Metal Trading Higher In The Asian Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Thu Mar 08 18 03:21 ET

For the 24 hours to 23:00 GMT, Gold declined 0.8% against the USD and closed at USD1326.30 per ounce, as robust US labour market report reinvigorated hopes of aggressive interest rate hikes by the US Fed this year.

In the Asian session, at GMT0400, the pair is trading at USD1328.60 per ounce, with gold trading 0.17% higher against the USD from yesterday’s close.

The pair is expected to find support at 1322.07, and a fall through could take it to the next support level of 1315.53. The pair is expected to find its first resistance at 1336.07, and a rise through could take it to the next resistance level of 1343.53.

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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