For the 24 hours to 23:00 GMT, Gold declined 3.87% against the USD and closed at USD1576.30 per ounce, as investors tried to cover margin calls in other assets.
In the Asian session, at GMT0400, the pair is trading at 1558.60, with gold trading 1.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 1524.60, and a fall through could take it to the next support level of 1490.60. The pair is expected to find its first resistance at 1619.00, and a rise through could take it to the next resistance level of 1679.40.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.