Gold: Yellow metal reverses its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.62% against the USD and closed at USD1587.40 per ounce, as mounting concerns over the economic fallout of the coronavirus outbreak bolstered demand for the safe haven asset.

In the Asian session, at GMT0400, the pair is trading at 1585.60, with gold trading 0.11% lower against the USD from yesterday’s close.

The pair is expected to find support at 1580.77, and a fall through could take it to the next support level of 1575.93. The pair is expected to find its first resistance at 1591.27, and a rise through could take it to the next resistance level of 1596.93.

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

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