Gold: Yellow metal extends its losses in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.30% against the USD and closed at USD1571.20 per ounce, amid increased risk appetite amongst investors after reports indicated that the number of new coronavirus cases declined in China.

In the Asian session, at GMT0400, the pair is trading at 1571.10, with gold trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1565.03, and a fall through could take it to the next support level of 1558.97. The pair is expected to find its first resistance at 1577.33, and a rise through could take it to the next resistance level of 1583.57.

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

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