Gold - Oct 29, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Gold gave up all the gains made in the morning this Thursday and was down in the afternoon session as the dollar's rally continued this Thursday.

Investors continued to have faith in the U.S. currency supported by safe-haven buying amid surging coronavirus cases and the approaching U.S. elections.

Investors are now focussing on central bank meetings, with the European Central Bank expected to hold off on new measures later in the day and hinting at action in December.

Markets could also look to cues from U.S. GDP data today evening.

Technically, LBMA Gold Spot is trading below 100-DMA which is placed at $1887 levels indicating to continue its bearish momentum $1862-$1855 levels. Resistance is at $1887-$1895 levels.

Domestic gold tracked overseas gold and was trading weaker this Thursday afternoon session.

Technically, MCX Gold December is trading below the most of the Moving Averages which signifies a Bearish trend and can see 49900-49700 levels. Resistance is at 50550-50700 levels.

Source : Equity Bulls

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