Gold: Yellow metal trading higher in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 1.05% against the USD and closed at USD 1487.50 per ounce on Friday, as fiscal measures from global central banks to counter the economic impact from coronavirus reduced investors’ appetite for cash.

In the Asian session, at GMT0400, the pair is trading at 1497.40, with gold trading 0.67% higher against the USD from Friday’s close.

The pair is expected to find support at 1479.10, and a fall through could take it to the next support level of 1460.80. The pair is expected to find its first resistance at 1519.10, and a rise through could take it to the next resistance level of 1540.80.

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

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