Gold: Yellow metal reverses its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.61% against the USD and closed at USD1589.20 per ounce on Friday, as concerns over the spread of coronavirus raised demand for the safe haven asset.

In the Asian session, at GMT0400, the pair is trading at 1584.30, with gold trading 0.31% lower against the USD from Friday’s close, after China announced liquidity measures to help support firms hit by the coronavirus epidemic.

The pair is expected to find support at 1574.97, and a fall through could take it to the next support level of 1565.63. The pair is expected to find its first resistance at 1594.57, and a rise through could take it to the next resistance level of 1604.83.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

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