For the 24 hours to 23:00 GMT, Gold declined 1.08% against the USD and closed at USD1651.20 per ounce, on expectations of economic relief measures to curb the effect of the coronavirus outbreak.
In the Asian session, at GMT0400, the pair is trading at 1659.70, with gold trading 0.51% higher against the USD from yesterday’s close.
The pair is expected to find support at 1643.90, and a fall through could take it to the next support level of 1628.10. The pair is expected to find its first resistance at 1672.70, and a rise through could take it to the next resistance level of 1685.70.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
