(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading higher this Wednesday morning and early afternoon trade in Asia as the dollar weakened after U.S. Treasury Secretary nominee Janet Yellen urged lawmakers for more coronavirus relief spending, lifting bullion's appeal as an inflation hedge.
Meanwhile, President-elect Joe Biden and his administration takes office later in the day, with investors focused on the previous week's $1.9 trillion stimulus package proposal to boost the economy and speed up COVID-19 vaccine distribution.
Technically, LBMA Gold Spot has bounced back from 200-Daily Moving Average at $1843 levels further upside could see $1859-$1870 levels. Support is at $1847-$1839 levels.
Domestic gold prices are trading higher this Wednesday morning and early afternoon trade tracking overseas prices.
Technically, MCX Gold February above 49000 levels could see a bullish momentum up to 49350-49600 levels. However below 49000 will continue its sideways momentum where support is at 48900-48700 levels.
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