Posted On:
2020-11-19 04:35:04
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices crashed this Thursday morning and early afternoon trade on vaccine progress and strong U.S. Dollar.
Pfizer Inc announced safety data to advance its vaccine to the U.S. Food and Drug Administration (FDA) approval stage.
US Dollar Index rose this Thursday morning and early afternoon trade in Asia as investors shifted to the safe haven appeal of the greenback amid rising covid-19 cases and deaths.
Looking ahead, Jobless claims, Philly Fed Manufacturing Index and Existing home sales data could drive the markets in the intraday session.
Technically, LBMA Gold is trading on negative note where $1856-$1850 holds immediate support from where a bounced back can be expected. Resistance is at $1873-$1882 levels.
MCX Gold December in early trades is sustaining below support zone near 50200 which signifies for further correction where 49900 could act some support however overall trend remains Bearish. Any breakout above 50200 could trigger a bullish move up to 50450-50600 levels. Support is at 49990-49600 levels.
International and domestic silver prices fell this Thursday morning and early afternoon trade tracking the weakness of gold and strength of the U.S Dollar.
Technically, LBMA Silver Spot is trading below major Moving Averages near $24.00 levels where below this level with good volume will active Bearish trend in the counter. However it is likely to trade in a range of $23.10-$24.70 in the coming session.
MCX Silver December is trading below 62000 levels where downside momentum could see 60500-59100 levels in the coming session. Resistance is placed at 62400-63000 levels.
