Gold: Yellow metal trading lower in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 5.39% against the USD and closed at USD1928.2 per ounce, as demand for the safe haven asset was dented due to hopes for vaccine against the coronavirus, and amid signs of a decline in number of Covid-19 cases in the US.

In the Asian session, at GMT0300, the pair is trading at 1897.90, with gold trading 1.57% lower against the USD from yesterday’s close.

The pair is expected to find support at 1844.63, and a fall through could take it to the next support level of 1791.37. The pair is expected to find its first resistance at 1991.53, and a rise through could take it to the next resistance level of 2085.17.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

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