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.