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Yellow Metal Trading On A Stronger Footing This Morning Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Mon Feb 12 18 03:18 ET

For the 24 hours to 23:00 GMT, Gold declined 0.26% against the USD and closed at USD1316.70 per ounce on Friday, as strength in the greenback and a rebound in US equity markets dented demand for the precious yellow metal.

In the Asian session, at GMT0400, the pair is trading at 1325.40, with gold trading 0.66% higher against the USD from Friday’s close.

The pair is expected to find support at 1315.73, and a fall through could take it to the next support level of 1306.07. The pair is expected to find its first resistance at 1332.53, and a rise through could take it to the next resistance level of 1339.67.

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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