Gold: Yellow metal trading higher in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.55% against the USD and closed at USD1305.10 per ounce, as weakness in the greenback, rising political tensions in the US economy and declining concerns over the interest rate hike by the Federal Reserve, increased demand for the safe haven asset.

In the Asian session, at GMT0400, the pair is trading at 1308.60, with gold trading 0.27% higher against the USD from yesterday’s close.

The pair is expected to find support at 1300.03, and a fall through could take it to the next support level of 1291.47. The pair is expected to find its first resistance at 1313.43, and a rise through could take it to the next resistance level of 1318.27.

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.