Gold: Yellow metal reverses its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.21% against the USD and closed at USD1646.30 per ounce, as ongoing worries about the spread of coronavirus increased demand for the precious yellow metal and amid broad sell-off in global equities.

In the Asian session, at GMT0400, the pair is trading at 1643.00, with gold trading 0.20% lower against the USD from yesterday’s close.

The pair is expected to find support at 1632.30, and a fall through could take it to the next support level of 1621.60. The pair is expected to find its first resistance at 1658.10, and a rise through could take it to the next resistance level of 1673.20.

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

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