For the 24 hours to 23:00 GMT, Gold declined 4.71% against the USD and closed at USD1571.00 per ounce on Friday, as investors began to liquidate assets.
In the Asian session, at GMT0400, the pair is trading at 1600.00, with gold trading 1.85% higher against the USD from Friday’s close.
The pair is expected to find support at 1560.23, and a fall through could take it to the next support level of 1520.47. The pair is expected to find its first resistance at 1643.53, and a rise through could take it to the next resistance level of 1687.07.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.