Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.00% against the USD and closed at USD1606.50 per ounce, as concerns over economic slowdown due to the coronavirus pandemic increased demand for the safe haven asset.
In the Asian session, at GMT0300, the pair is trading at 1597.30, with gold trading 0.57% lower against the USD from yesterday’s close.
The pair is expected to find support at 1581.47, and a fall through could take it to the next support level of 1565.63. The pair is expected to find its first resistance at 1612.77, and a rise through could take it to the next resistance level of 1628.23.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
