GOLD -
Dollar weakness remains the name of the game, which has been concomitant with the pricing out of Fed rate hike potential in the remainder of 2017.
Gold rose 0.11% against the USD and closed at USD1275.70 per ounce, aided by weakness in the US Dollar and geopolitical tensions on the Korean peninsula.
The Asian session,saw the pair is trading at 1276.10, with the gold trading marginally higher against the USD from yesterday’s close. The pair is expected to find support at 1272.97, and a fall through could take it to the next support level of 1269.83. The pair is expected to find its first resistance at 1277.97, and a rise through could take it to the next resistance level of 1279.83.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
SILVER
Silver rose 0.6% against the USD and closed at USD16.80 per ounce, tracking gains in gold prices. The Asian session saw the pair trading at 16.83, 0.18% higher against the USD from yesterday’s close.
The pair is expected to find support at 16.71, and a fall through could take it to the next support level of 16.58. The pair is expected to find its first resistance at 16.91, and a rise through could take it to the next resistance level of 16.99.
The white metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
