Gold: Yellow metal trading reverses its losses in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 1.08% against the USD and closed at USD1706.40 per ounce on Friday, amid expectations that economic and business activities around the world would soon resume.

In the Asian session, at GMT0300, the pair is trading at 1711.40, with gold trading 0.29% higher against the USD from Friday’s close, amid a second wave of coronavirus infections in some countries.

The pair is expected to find support at 1697.83, and a fall through could take it to the next support level of 1684.27. The pair is expected to find its first resistance at 1730.23, and a rise through could take it to the next resistance level of 1749.07.

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

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