Gold - Oct 23, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices were trading with gains this Friday afternoon in Asian trade, moving back above the important $1,900 level, as investors continue to hope for a U.S. coronavirus relief package eventually getting passed.

The U.S. Dollar gave up the gains made in Thursday's session and were trading weaker this Friday afternoon in Asian trade and lifted sentiments.

Technically, LBMA Gold Spot yesterday has bounced from multiple support zones near $1895 levels and it is also sustaining above 21-DMA at $1900 levels indicating sideways to marginal bullish momentum in a range of $1888-$1922 levels.

Domestic gold is trading with gains this Friday afternoon, tracking firm overseas prices.

However, markets were choppy and could continue to remain choppy the rest of the session this Friday.

Technically, MCX Gold December is expected to trade in a narrow range where it is holding a strong support near 50700 levels and upside cap is at 51180 levels where prices are likely to trade within these levels in the intraday session.

Source : Equity Bulls

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