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Gold - Jan 7, 2021 - Reliance Securities

Posted On: 2021-01-07 06:46:31 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with small gains on Thursday morning and early afternoon in Asia, after a Democrat sweep in Georgia's Senate runoff election that raised hopes for more stimulus measures.

Marginally weak U.S. Dollar also lent support.

However, upside was capped as U.S. Treasury yields rose this Thursday morning and early afternoon in Asia.

Looking ahead for the rest of the session, we see gold remaining range bound to firm.

Investors will look ahead to data from the U.S. for further cues. Jobless claims and non-manufacturing PMI could have an impact on the markets.

Technically, LBMA Gold Spot has bounced back from $1900 levels where it might trade in consolidation note in the range of $1910-$1935 levels.

Domestic gold prices are trading with modest gains on Thursday morning and early afternoon trade, tracking firm overseas prices.

Technically, MCX Gold February has bounced back from 100-Daily Moving Average which is placed at 50400 levels indicating a sideways to marginal upside momentum up to 51200-51600. Support is at 50600-50400 levels.

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Source: Equity Bulls

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