Gold - Oct 22, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading in the red in Thursday's afternoon trade in Asia as the U.S. Dollar rebounds after a stalemate continues over additional coronavirus stimulus aid package.

Markets could look to cues from the jobless claims and existing home sales data tonight.

Technically, LBMA Gold Spot is sustaining above after giving a breakout above Falling Channel formation where 50-DMA is holding a resistance near $1925 levels breakout above could take prices up to $1933-$1949 level and Support is at $1908-$$1895 levels.

Domestic bullion prices are trading with modest losses this Thursday afternoon trade, tracking weak overseas prices.

MCX Gold December is the same holding a resistance near 50-DMA at 51200 levels above which could see a further upside movement upto 51450-51700 levels. However support is placed at 51050-50900 levels.

Source : Equity Bulls

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