Gold: Yellow metal extends its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.48% against the USD and closed at USD1581.60 per ounce yesterday, as concerns over global economic growth due to the fast-spreading coronavirus bolstered demand for the safe haven asset.

In the Asian session, at GMT0400, the pair is trading at 1585.30, with gold trading 0.23% higher against the USD from yesterday’s close, after the Federal Reserve kept benchmark interest rate on hold and warned that the new coronavirus outbreak could hurt China’s economy in the short term.

The pair is expected to find support at 1573.77, and a fall through could take it to the next support level of 1562.23. The pair is expected to find its first resistance at 1591.17, and a rise through could take it to the next resistance level of 1597.03.

The yellow metal is trading above its 20 Hr and 50 Hr moving averages.

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