(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading lower this Thursday morning and early afternoon trade as investors await the details on U.S. President-elect Joe Biden's plans for further stimulus measures.
Biden has promised to deliver measures that could cost "trillions" of dollars and will unveil them later in the day.
Meanwhile, the U.S. Dollar Index was marginally higher this Thursday morning and early afternoon trade and kept upside capped in bullion.
Investors will also look for further clues on the U.S. monetary policy outlook when Federal Reserve Chairman Jerome Powell speaks at a virtual event later in the day.
Technically, LBMA Gold Spot resistance is at $1855-$1869 levels. Support is at $1826-$1818 levels.
Domestic gold prices are trading lower this Thursday morning and early afternoon trade, tracking overseas prices and stronger Rupee.
Technically, MCX Gold February is sustaining below 200-Daily Moving Average near 49500 levels below which could see a sideways to marginal downside momentum. Support is at 48750-48500 levels. Resistance is at 49100-49300 levels.
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