Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.64% against the USD and closed at USD1614.60 per ounce, as ongoing concerns over the global economic impact of the coronavirus epidemic boosted demand for the safe haven asset.
In the Asian session, at GMT0400, the pair is trading at 1612.90, with gold trading 0.11% lower against the USD from yesterday’s close.
The pair is expected to find support at 1606.03, and a fall through could take it to the next support level of 1599.17. The pair is expected to find its first resistance at 1617.83, and a rise through could take it to the next resistance level of 1622.77.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
