For the 24 hours to 23:00 GMT, Gold declined 2.10% against the USD and closed at USD 1638.90 per ounce, as concerns over rising coronavirus cases outweighed hopes of a US government stimulus package.
In the Asian session, at GMT0400, the pair is trading at 1631.90, with gold trading 0.43% lower against the USD from yesterday’s close.
The pair is expected to find support at 1604.10, and a fall through could take it to the next support level of 1576.30. The pair is expected to find its first resistance at 1664.60, and a rise through could take it to the next resistance level of 1697.30.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.