Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.21% against the USD and closed at USD1738.30 per ounce on Friday, amid worries over Federal Reserve’s grim growth outlook for the US and fresh wave of coronavirus cases in the US.
In the Asian session, at GMT0300, the pair is trading at 1734.50, with gold trading 0.22% lower against the USD from Friday’s close.
The pair is expected to find support at 1724.40, and a fall through could take it to the next support level of 1714.30. The pair is expected to find its first resistance at 1748.80, and a rise through could take it to the next resistance level of 1763.10.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
