Yesterday, gold traded 0.17% higher in the New York session and ended at USD1268.40 per ounce.
In the Asian session, at GMT0500, the precious metal is trading at USD1263.40 per ounce, 0.39% lower from the New York close.
The precious metal is expected to find its first support at USD1260.03 per ounce and first resistance at USD1269.13 per ounce. The second support is expected at USD1256.67 per ounce and second resistance at USD1274.87 per ounce.
A bullish signal is triggered as the PPO is trading above zero.
Crude oil fell in the New York session yesterday, closing 0.54% lower at USD48.10 per barrel.
At GMT0500, the commodity is trading at USD48.02 per barrel, 0.17% lower from the New York close.
The commodity is expected to find its first support at USD47.50 per barrel and first resistance at USD48.86 per barrel. The second support is expected at USD46.97 per barrel and second resistance at USD49.69 per barrel.
The Three Black Crows pattern has emerged on the chart suggesting the bulls’ lack of conviction in the current uptrend and a possible reversal.