For the 24 hours to 23:00 GMT, Gold rose 1.00% against the USD and closed at USD1722.80 per ounce, after the US Federal Reserve Chairman, Jerome Powell signalled to induce more stimulus measures, if required during the coronavirus pandemic.
In the Asian session, at GMT0300, the pair is trading at 1721.90, with gold trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1706.33, and a fall through could take it to the next support level of 1690.77. The pair is expected to find its first resistance at 1732.73, and a rise through could take it to the next resistance level of 1743.57.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.