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 0.90% against the USD and closed at USD 1655.20 per ounce, as the US dollar declined after initial jobless claims surged to a record high level.

In the Asian session, at GMT0400, the pair is trading at 1649.50, with gold trading 0.34% lower against the USD from yesterday’s close.

The pair is expected to find support at 1615.27, and a fall through could take it to the next support level of 1581.03. The pair is expected to find its first resistance at 1680.47, and a rise through could take it to the next resistance level of 1711.43.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

                                       <br/>
  EUR/USD: Euro-zone’s manufacturing and services PMIs dropped in March

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