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Gold - Nov 23, 2020 - Reliance Securities

Posted On: 2020-11-23 05:27:04 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices were flat in early Monday afternoon in Asia trade.

Optimism surrounding the U.S. stimulus aid package fizzled out and kept upside capped, however, the U.S. Dollar Index was weak this Monday afternoon in Asia trade and capped downside in gold prices.

Meanwhile, India's gold imports declined 47.42% from the year ago to $9.28 billion during April-October 2020 due to lack of demand during the Covid-19 pandemic. Silver imports dipped as well, by 64.65% to $742 million.

Markets await news from the U.S. Federal Reserve for direction with the Fed minutes to be released this week.

Technically, LBMA Gold Spot is trading on a flat note where it is sustaining above $1870 levels where $1866-$1859 will be immediate support. Resistance is at $1879-$1886 levels. Gold might trade in a range of $1865-$1886 levels.

MCX Gold December is sustaining above 50200 levels which signifies for positive momentum to continue up to 50400-50600. However below 50150 will continue its Bearish momentum upto 49900-49700 levels.

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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