Gold: Yellow metal reverses its gains in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 1.56% against the USD and closed at USD1747.60 per ounce, after the US Federal Reserve signalled that it expects interest rates to remain near zero through 2022 and projected gloomy outlook for the US economy.

In the Asian session, at GMT0300, the pair is trading at 1742.10, with gold trading 0.31% lower against the USD from yesterday’s close.

The pair is expected to find support at 1720.87, and a fall through could take it to the next support level of 1699.63. The pair is expected to find its first resistance at 1756.57, and a rise through could take it to the next resistance level of 1771.03.

The yellow metal is trading above its 20 Hr and 50 Hr moving averages.

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