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Gold - Jan 13, 2021 - Reliance Securities~

Posted On: 2021-01-13 08:56:24 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices extended gains on Wednesday morning and early afternoon trade, with the greenback and the US 10-year yield continuing their overnight weakness, which is likely to keep gold buoyed.

Meanwhile, the House of Representatives voted Tuesday night to approve a resolution calling for President Donald Trump to be removed from office through the 25th Amendment in the wake of the violent siege of the US Capitol last week and weighed down on the dollar as well and lifted sentiments.

Further, the US stimulus optimism and surging coronavirus cases in the US, Japan and China also boosts gold's safe-haven appeal.

Investors will look to cues from the U.S. CPI report.

Markets will also pay close attention to the Fed speeches and the speech from ECB President Lagarde tonight.

Technically, LBMA Gold Spot is trading on flat note where it holds a support of 200-Daily Moving Average which is placed at $1840 levels where $1866 level holds a resistance. Therefore, prices could trade in a range of $1847-$1866 levels.

Domestic gold prices rose on Wednesday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Gold February is sustaining above 49000 levels where it holds a hurdle near 49500 above which could see a bullish reversal. However, it could trade in a range of 48900-49500 in the coming session.

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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