Yellow Metal Extends Gains In The Asian Session

Singapore (Mar 6) Gold prices traded higher by 0.17% against the USD in the 24 hour period ending 23:00GMT, at 1337.00 per ounce, as soft US service PMI and private-sector employment data bolstered the safe-haven appeal of the metal.

In the Asian session, at GMT0400, Gold is trading at 1337.40, slightly higher from yesterday’s close.

Gold is expected to find support at 1331.76, and a fall through could take it to the next support level of 1326.12. Gold is expected to find its first resistance at 1344.02, and a rise through could take it to the next resistance level of 1350.64.

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

Source: OilNGold