Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.09% against the USD and closed at USD1711.50 per ounce, as collapse in crude oil prices and ongoing concerns over coronavirus linked economic damage increased demand for the safe haven asset.
In the Asian session, at GMT0300, the pair is trading at 1704.40, with gold trading 0.41% lower against the USD from yesterday’s close.
The pair is expected to find support at 1686.93, and a fall through could take it to the next support level of 1669.47. The pair is expected to find its first resistance at 1720.13, and a rise through could take it to the next resistance level of 1735.87.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
