Gold - Oct 26, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices were trading weak this Monday afternoon in Asian trade pressured by a firmer dollar and stalled progress in talks for a new U.S. coronavirus aid package.

The U.S. Dollar took support from news reports that France, Spain and Italy could impose complete lockdown to curb the spread of the coronavirus.

Markets could look to updates from the additional stimulus from the U.S. and data tonight.

Technically, LBMA Gold Spot is trading on a negative note where it's struggling near 21-DMA which is placed at $1900 below which could test $1882 levels. However it could trade in a range of $1880-$1909 levels.

Domestic gold is trading in the red this Monday afternoon trade, tracking weak overseas prices.

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 intraday session.

Source : Equity Bulls

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