Yesterday, gold traded 0.3% higher in the New York session and ended at USD1257.40 per ounce. In the Asian session, at GMT0500, the precious metal is trading at USD1256.50 per ounce, 0.07% lower from the New York close.
The precious metal is expected to find its first support at USD1253.40 per ounce and first resistance at USD1258.80 per ounce. The second support is expected at USD1250.30 per ounce and second resistance at USD1261.10 per ounce. Positive sentiment still exists as price has crossed the lower Bollinger Band from below.
Crude oil fell in the New York session yesterday, closing 1.41% lower at USD48.12 per barrel. At GMT0500, theis trading at USD47.94 per barrel, 0.37% lower from the New York close. The commodity is expected to find its first support at USD47.10 per barrel and first resistance at USD49.03 per barrel. The second support is expected at USD46.26 per barrel and second resistance at USD50.12 per barrel. The price has crossed its SMA from above generating a bearish signal. source: everyinvestor