Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.4% against the USD and closed at USD1575.8 per ounce on Friday, amid rising fears about the spread of the coronavirus and its impact on the global economy.
In the Asian session, at GMT0400, the pair is trading at 1574.4, with gold trading 0.09% lower against the USD from Friday’s close.
The pair is expected to find support at 1565.73, and a fall through could take it to the next support level of 1557.07. The pair is expected to find its first resistance at 1580.83, and a rise through could take it to the next resistance level of 1587.27.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
