Gold: Yellow metal reverses its gains in the morning session

Gold: Yellow metal reverses its gains in the morning session

Gold

Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 6.55% against the USD and closed at USD 1678.60 per ounce, amid hopes that the US lawmakers would agree on stimulus package to contain the impact of coronavirus.

In the Asian session, at GMT0400, the pair is trading at 1669.50, with gold trading 0.54% lower against the USD from yesterday’s close.

The pair is expected to find support at 1602.87, and a fall through could take it to the next support level of 1536.23. The pair is expected to find its first resistance at 1717.07, and a rise through could take it to the next resistance level of 1764.63.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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