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Gold - Jan 8, 2021 - Reliance Securities

Posted On: 2021-01-10 04:44:25 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading lower on Friday morning and early afternoon trade in Asia.

However hopes for further U.S. stimulus buoyed the yellow metal.

Investors will also be looking at the U.S. jobs report, including non-farm payrolls, which will be released later in the day on whether significantly more stimulus will be needed to keep the economic recovery alive.

Meanwhile, statements from Fed officials were mixed.

Federal Reserve Bank of Cleveland President Loretta Mester said she didn't believe that the increased fiscal stimulus under Biden would mean a pull-back on monetary policy in 2021.

However, Chicago President Charles Evans and Atlanta's Raphael Bostic, have said they could support reducing the pace of the central bank's ongoing asset purchases before the end of 2021 should the economy bounce back strongly enough.

Technically, LBMA Gold Spot continues to trade on a negative note where below $1900 could active Bearish Reversal where it holds a support near $1899-$1885 levels. Resistance is at $1913-$1919 levels.

Domestic gold prices are trading lower on Friday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Gold February is holding a very strong support near 50200 levels below which could see a downside pressure up to 50050-49900 levels. Resistance is at 50850-51000 levels.

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