Yesterday, gold traded 0.48% lower in the New York session and ended at USD1281.10 per ounce.
In the Asian session, at GMT0500, the precious metal is trading at USD1280.70 per ounce, 0.03% lower from the New York close.
The precious metal is expected to find its first support at USD1274.33 per ounce and first resistance at USD1288.13 per ounce. The second support is expected at USD1267.97 per ounce and second resistance at USD1295.57 per ounce.
The potential of a correction cannot be ruled out as the Moving Average of CCI has crossed 100 from above.
Crude oil fell in the New York session yesterday, closing 3.47% lower at USD50.58 per barrel.
At GMT0500, the commodity is trading at USD50.58 per barrel, marginally higher from the New York close.
The commodity is expected to find its first support at USD49.56 per barrel and first resistance at USD52.12 per barrel. The second support is expected at USD48.55 per barrel and second resistance at USD53.67 per barrel.
Negative sentiment still exists as the RSI has moved down from the overbought region.