Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 3.61% against the USD and closed at USD1706.60 per ounce, as growing concerns over the spread of coronavirus boosted demand for the safe haven asset.
In the Asian session, at GMT0300, the pair is trading at 1706.20, with gold trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1648.73, and a fall through could take it to the next support level of 1591.27. The pair is expected to find its first resistance at 1753.13, and a rise through could take it to the next resistance level of 1800.07.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
