Gold: Yellow metal extends its gains in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.44% against the USD and closed at USD1706.70 per ounce, amid weakness in the US Dollar, growing fears of a second wave of the coronavirus infections in some countries and trade tensions between the US and China.

In the Asian session, at GMT0300, the pair is trading at 1706.90, with gold trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1697.57, and a fall through could take it to the next support level of 1688.23. The pair is expected to find its first resistance at 1716.47, and a rise through could take it to the next resistance level of 1726.03.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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