Posted On:
2021-01-06 05:49:12
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices were trading marginally down on Wednesday morning and early afternoon trade in Asia.
Investors are awaiting the results of a U.S. Senate runoff election in the state of Georgia to determine the prospects of further stimulus measures.
The Dollar Index was trading marginally up on Wednesday morning and early afternoon trade in Asia and kept upside capped.
Votes are currently being counted In the Georgia election, where two Senate seats are up for grabs. The race is too close to call.
Meanwhile, Congress will meet later in the day to count the electoral votes from the Nov. 3 presidential election and certify Biden's victory.
The Federal Reserve will also release the minutes from its December policy meeting later in the day.
Markets will also look to the private nonfarm payroll numbers, a precursor to the jobs data on Friday and factory data due tonight.
Technically, LBMA Gold Spot is sustaining above $1940 levels which will continue its bullish momentum upto $1955-$1965 levels. Support is at $1938-$1927 levels.
Domestic gold prices were trading down on Wednesday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Gold February has continued its bullish momentum where above 51500 will head towards 51880-52060 levels. Support is at 51500-51330 levels.
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