Posted On:
2020-11-26 02:20:00
(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.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.