Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.53% against the USD and closed at USD1647.90 per ounce on Friday, as downbeat US economic data and rising worries over the global economic slowdown caused due to the coronavirus outbreak increased demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1663.60, with gold trading 0.95% higher against the USD from Friday’s close.
The pair is expected to find support at 1636.47, and a fall through could take it to the next support level of 1609.33. The pair is expected to find its first resistance at 1680.57, and a rise through could take it to the next resistance level of 1697.53.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
