Gold: Yellow metal reverses its losses in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 1.67% against the USD and closed at USD1556.70 per ounce, after China’s central bank intervened to contain the economic effect of the deadly coronavirus outbreak.

In the Asian session, at GMT0400, the pair is trading at 1560.20, with gold trading 0.22% higher against the USD from yesterday’s close.

The pair is expected to find support at 1548.17, and a fall through could take it to the next support level of 1536.13. The pair is expected to find its first resistance at 1576.87, and a rise through could take it to the next resistance level of 1593.53.

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

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