Gold: Yellow metal reverses its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.64% against the USD and closed at USD1568.50 per ounce, as mounting concerns over the spread of coronavirus outbreak in China, spurred demand for the safe haven asset.

In the Asian session, at GMT0400, the pair is trading at 1567.80, with gold trading marginally lower against the USD from yesterday’s close, after the World Health Organisation (WHO) refrained from declaring the China virus outbreak a global emergency.

The pair is expected to find support at 1557.50, and a fall through could take it to the next support level of 1547.20. The pair is expected to find its first resistance at 1575.90, and a rise through could take it to the next resistance level of 1584.00.

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

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