Gold: Yellow metal reverses its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.58% against the USD and closed at USD1284.70 per ounce, amid mounting US-China trade tensions, following reports that the US has cancelled a meeting with Chinese officials.

In the Asian session, at GMT0400, the pair is trading at 1283.60, with gold trading 0.09% lower against the USD from yesterday’s close.

The pair is expected to find support at 1278.50, and a fall through could take it to the next support level of 1273.40. The pair is expected to find its first resistance at 1286.90, and a rise through could take it to the next resistance level of 1290.20.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

This entry was posted in Gold. Bookmark the permalink.

Comments are closed.