Gold: Yellow metal extends its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 3.15% against the USD and closed at USD1641.60 per ounce, after the US central bank slashed its benchmark interest rate to contain the economic impact of the coronavirus outbreak and amid expectations that other major central banks would follow the Fed’s action.

In the Asian session, at GMT0400, the pair is trading at 1643.70, with gold trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 1607.17, and a fall through could take it to the next support level of 1570.63. The pair is expected to find its first resistance at 1667.27, and a rise through could take it to the next resistance level of 1690.83.

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

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