Gold - Oct 20, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International bullion prices are trading flat to marginally lower this Tuesday afternoon trade in Asia as caution set in ahead of the deadline to reach an agreement on a new U.S. coronavirus stimulus.

Markets could continue to remain range ahead of the deadline.

However, safe haven appeal allure for the metal remained intact as rising covid-19 cases in major cities could prompt governments to impose localized lockdowns.

Technically, LBMA Gold Spot is trading near $1900 levels where it's also sustaining above 21-Daily Moving Average at $1894 indicating some upside push up to $1913-$1924 levels. However, below $1900 could see downside move up to $1895-$1887 levels in coming sessions.

Domestic bullion prices are trading flat to marginally lower this Tuesday afternoon trade, tracking international prices.

MCX Gold December contract is trading below 50700 levels where immediate support holds at 50470 levels below which could see bearish momentum up to 50200-49900 levels Gold could trade in a range of 50300-50700 levels.

Source : Equity Bulls

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