Gold: Yellow metal reverses its losses in the Asian session

Gold: Yellow metal reverses its losses in the Asian session

Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 1.99% against the USD and closed at USD1734.70 per ounce, as positive results from the early trials of COVID-19 vaccine boosted risk appetite among investors.

In the Asian session, at GMT0300, the pair is trading at 1739.60, with gold trading 0.28% higher against the USD from yesterday’s close, amid U.S.-China tensions.

The pair is expected to find support at 1720.67, and a fall through could take it to the next support level of 1701.73. The pair is expected to find its first resistance at 1767.17, and a rise through could take it to the next resistance level of 1794.73.

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

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