(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading marginally up on Friday morning and early afternoon trade in Asia, as the U.S. Dollar extended gains this Friday.
However, downside was capped with U.S. President-elect Joe Biden's unveiling of a massive $1.9 trillion COVID-19 relief plan and Federal Reserve Chairman Jerome Powell's commitment to keep monetary policy dovish giving the safe-haven asset a boost.
Meanwhile, investors will be looking to the U.S. Senate, which meets as soon as next week to begin President Donald Trump's second impeachment trial.
Apart from the political situation in Washington, markets will look to cues from data tonight.
Technically, LBMA Gold Spot is trading on a flat note where it sustains above 200-Daily Moving Average which is placed at $1842 levels where upside could see $1855-$1869 levels. Support is at $1842-$1829 levels.
Domestic gold prices are trading marginally down on Friday morning and early afternoon trade.
Technically, MCX Gold February is trading on a positive note above 49000 levels. However, it could see resistance near 49500-49800 levels. Support is at 48900-48750 levels.
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