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Gold - Jan 4, 2021 - Reliance Securities

Posted On: 2021-01-04 04:36:14 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with gains on Monday morning and early afternoon in Asia, as a surge in global COVID-19 cases and the prospect of more countries imposing tighter restrictions pushed investors towards the safe-haven appeal of the yellow metal.

Prices also found support after the dollar was down on Monday morning and early afternoon in Asia.

The U.S. Federal Reserve is scheduled to release the minutes from its December meeting on Wednesday. Investors will be looking for more detail on the discussions about making their forward policy guidance more explicit and the chance of a further increase in asset buying in 2021.

Also, all eyes are on a Jan. 5 runoff election in the state of Georgia to fill 2 Senate seats to decide the party that will control the chamber.

Technically, LBMA Gold Spot has given a breakout above the Falling Channel formation where above $1910 will continue to trade on bullish momentum up to $1935-$1965 levels. Support is at $1910-$1899 levels.

Domestic gold prices are trading with gains on Monday morning and early afternoon tracking overseas prices.

Technically, MCX Gold February has given a breakout above the Falling Channel formation where it has sustained above 100-Daily Moving Average above 50470 levels. Resistance is at 51050-51300 levels. Support is at 50600-50300 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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