(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International bullion prices are trading with modest gains this early Friday afternoon in Asian trade supported by signs of movement on a stimulus deal in Washington.
U.S. Senate Republican Majority Leader Mitch McConnell agreed to resume discussions on providing more COVID-19 relief as cases surge across the United States.
However, upside was capped amid progress in COVID-19 vaccine development boosted hopes of a faster economic rebound.
Additionally, U.S. Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling businesses and kept gains in check.
The U.S Dollar was trading flat but the bias remained weak amid expectations of another coronavirus stimulus package.
Technically, LBMA Gold Spot is sustaining above $1865 levels after giving a bounce back from a strong support near $1850 level but could remain range bound. Resistance is at $1874-$1882 & Support is at $1861-$1850 levels.
MCX Gold December yesterday bounced back from 49700 levels and started to trade above 50000 levels, but could remain range bound. Resistance holds at 50200-50450 & Support is at 49900-49700 levels.