(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities International and domestic gold prices had a volatile morning and afternoon session this Tuesday.
Gold started higher in the morning session supported by a weaker dollar and concerns stemming from the surging coronavirus spread globally and its economic fallout.
However, by mid-afternoon gave up gains and was last trading in the red, tracking the recovery in the U.S. Dollar.
The U.S. Dollar rebounded in the mid-afternoon session and weighed on prices.
Markets will now look ahead to cues from Consumer confidence and Core Durable Goods Orders data tonight.
Technically, LBMA Gold Spot is trading on a flat note where it's struggling near 21-DMA which is placed at $1900 below which could see downside pressure up to $1888-$$1872 levels. However, it could trade in a range of $1880-$1909 levels in the coming session.
MCX Gold December is expected to trade in a narrow range where it is holding a strong support near 50700 levels and upside cap is at 51060 levels where prices are likely to trade within these levels in the coming session.