For the 24 hours to 23:00 GMT, Gold rose 0.46% against the USD and closed at USD1586.80 per ounce on Friday, as ongoing worries about the impact of the coronavirus outbreak boosted demand for the precious yellow metal.

In the Asian session, at GMT0400, the pair is trading at 1585.40, with gold trading 0.09% lower against the USD from Friday’s close.

The pair is expected to find support at 1578.20, and a fall through could take it to the next support level of 1571.00. The pair is expected to find its first resistance at 1590.40, and a rise through could take it to the next resistance level of 1595.40.

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

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