Gold: Yellow metal reverses its losses in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.59% against the USD and closed at USD1387.80 per ounce, as strength in the US dollar and global equity markets dampened demand appeal for the precious yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1391.60, with gold trading 0.27% higher against the USD from yesterday’s close.

The pair is expected to find support at 1384.40, and a fall through could take it to the next support level of 1377.20. The pair is expected to find its first resistance at 1399.10, and a rise through could take it to the next resistance level of 1406.60.

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

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