Gold: Yellow metal trading on a stronger footing this morning


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.36% against the USD and closed at USD1730.00 per ounce, as a drop in US initial jobless claims and news that Beijing was bringing its latest coronavirus outbreak under control dented demand for the safe haven commodity.

In the Asian session, at GMT0300, the pair is trading at 1733.60, with gold trading 0.21% higher against the USD from yesterday’s close.

The pair is expected to find support at 1721.13, and a fall through could take it to the next support level of 1708.67. The pair is expected to find its first resistance at 1747.63, and a rise through could take it to the next resistance level of 1761.67.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

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