Gold: Yellow metal reverses its losses in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.38% against the USD and closed at USD1590.20 per ounce.

In the Asian session, at GMT0400, the pair is trading at 1598.90, with gold trading 0.55% higher against the USD from yesterday’s close, on expectations of monetary policy easing by major central banks to contain the impact of coronavirus.

The pair is expected to find support at 1585.03, and a fall through could take it to the next support level of 1571.17. The pair is expected to find its first resistance at 1612.43, and a rise through could take it to the next resistance level of 1625.97.

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

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