(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices were trading with small gains early Thursday afternoon trade as weak jobless claims reinforced fears of the economy slowing down and rising covid-19 number pushed investors towards the safe haven appeal of the yellow metal.
Prices also took support as the U.S. Dollar was weak this early Thursday afternoon trade.
Technically, LBMA Gold Spot is holding above its 200-Daily Moving Average at $1800 levels above which could see some sideways momentum upside could see $1817-$1825 levels. Support holds at $1799-$1789 levels.
On the charts, MCX Gold February holds support near 200-Daily Moving Average near 48250 levels where prices could see some consolidation phase or can see a bounced back activity up to 48700-49100 levels. However below 48200 could see a sharp correction up to 47900-47400 levels.
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