Gold: Yellow metal trading on a stronger footing this morning


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.70% against the USD and closed at USD1578.80 per ounce on Friday, as rising concerns over the spread of the coronavirus outbreak in China and its potential economic impact prompted investors to seek refuge in the safe-haven metal.

In the Asian session, at GMT0400, the pair is trading at 1585.30, with gold trading 0.41% higher against the USD from Friday’s close.

The pair is expected to find support at 1568.67, and a fall through could take it to the next support level of 1552.03. The pair is expected to find its first resistance at 1595.37, and a rise through could take it to the next resistance level of 1605.43.

The yellow metal is trading above its 20 Hr and 50 Hr moving averages.

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