(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices extended losses this Tuesday afternoon trade and could fall further in the wake of the global market optimism amid vaccine progress and Biden transition process.
Recent upbeat US data eased economic growth concerns and could see the U.S. central and the government truncate the requirement for additional monetary and fiscal stimulus, added to the downside on gold.
Strength of the stock markets could also weigh on sentiments during the Tuesday's session.
Markets will closely watch out for the US CB Consumer Confidence data due for release later in the session.
Technically, LBMA Gold Spot has bounced back from its support zone near $1818-$1820 levels after giving a sharp correction below $1850 indicating for sideways momentum to continue in the range of $1818-$1845 levels.
MCX Gold December has given a breakdown below its horizontal support trend line 49200 levels below which will continue its Bearish momentum upto 48700-47900 levels. Resistance is at 49200-49500 levels.
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