Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.41% against the USD and closed at USD1581.00 per ounce, as strength in the US Dollar dampened demand for the safe haven asset and after China announced liquidity measures to contain the spread of coronavirus epidemic.
In the Asian session, at GMT0400, the pair is trading at 1579.30, with gold trading 0.11% lower against the USD from yesterday’s close.
The pair is expected to find support at 1572.30, and a fall through could take it to the next support level of 1565.30. The pair is expected to find its first resistance at 1587.20, and a rise through could take it to the next resistance level of 1595.10.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
