Gold: Yellow metal reverses its losses in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.74% against the USD and closed at USD1699.40 per ounce, as the US dollar strengthened, on worries of a potential emergence of a second wave of the coronavirus infections.

In the Asian session, at GMT0300, the pair is trading at 1701.90, with gold trading 0.15% higher against the USD from yesterday’s close.

The pair is expected to find support at 1691.67, and a fall through could take it to the next support level of 1681.43. The pair is expected to find its first resistance at 1712.57, and a rise through could take it to the next resistance level of 1723.23.

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

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