Gold - Nov 9, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic gold prices are trading with modest gains on Monday afternoon trade as the U.S. Dollar was marginally weak as Biden's win in the U.S. presidential race rekindled hopes of more monetary stimulus measures to revive an economy.

Meanwhile safe haven appeal also supported gold as news reports suggested that the global coronavirus infections surpassed 50 million last week.

Technically, LBMA Gold Spot is sustaining breakout above horizontal trend line resistance and also started to trade above all major Moving Averages suggesting a strong upside trend in the counter. However volatility could keep prices in a range of $1938-$1966 levels in coming sessions.

Technically, MCX Gold December has jumped above 52100 levels and now holds a strong support at 52000-51800 levels above which will continue further upside movement up to 52400-52650 levels. It could trade in a range of 52000-52600 levels.