Gold: Yellow metal extends its gains in the Asian session

Gold: Yellow metal extends its gains in the Asian session

Gold

Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 4.89% against the USD and closed at USD1573.1 per ounce, after the US Federal Reserve (Fed) unveiled a massive stimulus package that includes unlimited Treasury and mortgage-backed security purchases.

In the Asian session, at GMT0400, the pair is trading at 1596.4, with gold trading 1.48% higher against the USD from yesterday’s close.

The pair is expected to find support at 1522.5667, and a fall through could take it to the next support level of 1448.7333. The pair is expected to find its first resistance at 1639.3667, and a rise through could take it to the next resistance level of 1682.3333.

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

                                        <br/>
  Trade Idea: EUR/JPY Resistance & Reversal?

Drop your queries here! ↴ we will answer you shortly.