Gold - Oct 19, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices were trading higher this Monday afternoon trade in Asia amid increased hopes for a coronavirus-related relief package before the presidential election.

House Speaker Nancy Pelosi said that several differences remained with the Trump administration on a general-ranging COVID-19 relief package. However, she is optimistic that legislation could be pushed through even before Election Day.

Bullion also took support from marginally weak U.S. Dollar this Monday afternoon trade.

Technically, LBMA Gold Spot is holding well above $1900 levels where it's also sustaining above 21-Daily Moving Average indicating some upside push up to $1913-$1924 levels. However, downside support holds at $1895-$1887 levels in coming sessions.

Domestic bullion prices were trading with gains this Monday afternoon trade tracking firm overseas prices.

Technically, MCX Gold December contract could see an upside move above 50700 levels where immediate support holds at 50470 levels. Gold could trade in a range of 50500-50900 levels.

Source : Equity Bulls

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