Gold: Yellow metal reverses its gains in the Asian session

Gold: Yellow metal reverses its gains in the Asian session

Gold

Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 1.23% against the USD and closed at USD1534.00 per ounce, after the US Federal Reserve announced plans to relaunch purchases of short-term corporate debt.

In the Asian session, at GMT0400, the pair is trading at 1531.40, with gold trading 0.17% lower against the USD from yesterday’s close.

The pair is expected to find support at 1479.90, and a fall through could take it to the next support level of 1428.40. The pair is expected to find its first resistance at 1568.60, and a rise through could take it to the next resistance level of 1605.80.

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

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