For the 24 hours to 23:00 GMT, Gold declined 0.90% against the USD and closed at USD1637.00 per ounce, after investors sold the precious metal to cover margins for stock markets affected by the global spread of coronavirus.
In the Asian session, at GMT0400, the pair is trading at 1636.70, with gold trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1620.87, and a fall through could take it to the next support level of 1605.03. The pair is expected to find its first resistance at 1662.17, and a rise through could take it to the next resistance level of 1687.63.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
