Gold: Yellow metal extends its losses in the Asian session

Gold

Gold Movement

Gold prices traded lower by 0.56% against the USD in the 24 hour period ending 23:00GMT, at 1179.30 per ounce. However, losses were trimmed, as global equity markets were badly hit on escalating concerns of a Greek debt default and its exit from the Euro-zone.

In the Asian session, at GMT0300, the pair is trading at 1177.20, with the gold trading 0.18% lower from yesterday’s close.

The pair is expected to find support at 1172.10, and a fall through could take it to the next support level of 1167.00 The pair is expected to find its first resistance at 1183.40, and a rise through could take it to the next resistance level of 1189.60.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

This entry was posted in Gold. Bookmark the permalink.

Comments are closed.