Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities International Gold prices held above the $1,900 mark on Wednesday afternoon trade in Asia as uncertainties about the U.S. elections and surging global COVID-19 cases offset pressure from a firmer dollar and fading hopes of an immediate U.S. stimulus package.
Markets will look ahead to a televised address this Wednesday by French President Emmanuel Macron as authorities explore fresh restrictions to curb the spread of the coronavirus.
Technically, LBMA Gold Spot is trading on flat note where its struggling near 21-DMA which is placed at $1903, below which could see downside pressure up to $1888-$$1872 levels. Resistance is at $1910-$1918 levels. Gold could trade in a range of $1880-$1909 levels for the rest of the session.
Domestic gold prices were trading marginally weak on Wednesday afternoon trade, tracking weak overseas prices.
Technically, MCX Gold December futures were unable to sustain above 51000 levels. Immediate support is near 65-DMA at 50700 levels. Below 51000 level will continue its sideways to marginal downside momentum in coming sessions. Support is at 50700-50400 & Resistance 51000-51200 levels.