Gold: Yellow metal reverses its gains in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.79% against the USD and closed at USD1812.00 per ounce on Friday, as rising Covid-19 cases in the US raised uncertainty about the economic recovery, thereby increasing the demand appeal for the commodity. Moreover, a weaker greenback added support to the commodity.

In the Asian session, at GMT0300, the pair is trading at 1809.50, with gold trading 0.14% lower against the USD from Friday’s close.

The pair is expected to find support at 1798.77, and a fall through could take it to the next support level of 1788.03. The pair is expected to find its first resistance at 1817.07, and a rise through could take it to the next resistance level of 1824.63.

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

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