Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.70% against the USD and closed at USD1510.40 per ounce, as ongoing US-China trade tensions and concerns over global growth, increased demand for safe haven assets.
In the Asian session, at GMT0300, the pair is trading at 1513.70, with gold trading 0.22% higher against the USD from yesterday’s close, on the back of global recession fears.
The pair is expected to find support at 1497.17, and a fall through could take it to the next support level of 1480.63. The pair is expected to find its first resistance at 1526.47, and a rise through could take it to the next resistance level of 1539.23.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
