Gold: Yellow metal extends its gains in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.61% against the USD and closed at USD1316.70 per ounce, amid persistent uncertainties over the US China trade war. Gold prices were further supported on the back of expectations that the US central bank will end its rate hike cycle.

In the Asian session, at GMT0400, the pair is trading at 1318.30, with gold trading 0.12% higher against the USD from yesterday’s close.

The pair is expected to find support at 1311.20, and a fall through could take it to the next support level of 1304.10. The pair is expected to find its first resistance at 1322.30, and a rise through could take it to the next resistance level of 1326.30.

The yellow metal is trading above its 20 Hr and 50 Hr moving averages.

This entry was posted in Gold. Bookmark the permalink.

Comments are closed.