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Gold - Dec 1, 2020 - Reliance Securities

Posted On: 2020-12-01 06:02:50 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International Gold prices were slightly higher this early Tuesday afternoon trade supported by a broad weakness in the US dollar.

Additionally, US Treasury Secretary Steve Mnuchin's call to utilize $455 billion from the CARES Act fuelled stimulus hopes and capped weakness.

However, upside was capped as risk appetite improved amid optimism over the vaccine, increased expectations of a swifter global economic recovery and recent upbeat data from China boosted demand for the riskier assets.

Markets will now await ISM Manufacturing PMI and Fed Chair Jerome Powell's testimony due later in the intraday session.

Technically, LBMA Gold Spot has given a breakdown below its 200- Daily Moving Average at $1800 levels which signifies for Bearish Trend in the counter. Immediate support is at $1760-$$1747 levels & resistance is at $1795-$1805 levels.

Domestic gold was trading weaker this early Tuesday afternoon tracking the strength of the Indian Rupee.

Technically, MCX Gold February is sustaining below 48000 levels which is also its 200-DMA indicating a Bearish trend to continue below it up to 47300-46550 levels. Resistance is at 48100-48400 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.


Source: Equity Bulls

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