Gold has bounced from key average support amid risk-on in Asian stocks. The S&P 500 futures are flashing red and are likely pushing gold higher. Fresh easing by major central banks is supportive of gains in gold. Gold is showing signs of life in Asia despite the uptick in the Asian stocks. The yellow metal is currently trading at $1,638 per Oz, having defended the 200-hour moving average line at $1,634 during the overnight trade. The Asian equities are flashing green with Japan’s Nikkei index adding 0.70% at press time. Other regional heavyweights like South Korea’s Kospi, Hong Kong’s Hang Seng and the Shanghai Composite are also reporting moderate gains. The US stocks rallied Wednesday, pushing gold lower from $1,652 to $1,635 as the US lawmakers reached an $8.3 billion emergency coronavirus bill aimed at fast-tracking research and development for treatments and a vaccine, sending stocks higher. Wall Street, however, may open Thursday on a negative note, as the futures on the S&P 500 are currently down 0.80%. The losses in the US index futures could be drawing bids for the safe-haven yellow metal. If the Asian stocks turn lower, taking cues from the S&P 500 futures, the bid tone around the yellow metal will likely strengthen. The broader outlook for the metal is constructive, as major central banks have turned accommodative to contain the negative impact of the coronavirus outbreak on the economy. Both the Federal Reserve and the Bank of Canada have cut rates by 50 basis points this week. The Reserve Bank of Australia also reduced rates by 25 basis points on Tuesday. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin Gold Price Analysis: BTG/USD soars 8% to test key resistance at $11.50 FX Street 3 years Gold has bounced from key average support amid risk-on in Asian stocks. The S&P 500 futures are flashing red and are likely pushing gold higher. Fresh easing by major central banks is supportive of gains in gold. Gold is showing signs of life in Asia despite the uptick in the Asian stocks. The yellow metal is currently trading at $1,638 per Oz, having defended the 200-hour moving average line at $1,634 during the overnight trade. The Asian equities are flashing green with Japan's Nikkei index adding 0.70% at press time. Other regional heavyweights like South Korea's Kospi, Hong Kong's Hang Seng… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.