Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.24% against the USD and closed at USD1642.90 per ounce, on rate cut hopes and concerns over the spread of coronavirus outside China.
In the Asian session, at GMT0400, the pair is trading at 1651.90, with gold trading 0.55% higher against the USD from yesterday’s close.
The pair is expected to find support at 1633.30, and a fall through could take it to the next support level of 1614.70. The pair is expected to find its first resistance at 1663.80, and a rise through could take it to the next resistance level of 1675.70.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
