Gold - Nov 4, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic gold prices were down on Wednesday morning and afternoon trade as investors continued to have faith in the dollar over U.S. election outcome concerns.

For the rest of the day, investors will continue to monitor the election results being called over.

Meanwhile, markets were volatile after President Donald Trump claimed that he had won the U.S. election even though millions of votes were still uncounted, raising the possibility of a lengthy legal battle to resolve the outcome.

If it's a contested election we could witness investors continue to pour money in the U.S. Dollar.

Investors will be also looking to the U.S. Federal Reserve and Bank of England monetary policies, due tomorrow.

Technically, LBMA Gold Spot has retreated from 50-DMA at $1913 levels and is trading below $1900 levels indicating downward pressure to continue in coming sessions. Resistance zone is at $1920-$1931 levels. Support holds at $1882-$1870 levels.

Technically, MCX Gold December is sustaining above 51000 levels where 50900 holds a strong support below which will trigger a Bearish Reversal in the counter. Resistance is at 51300-51650 levels & Support holds at 50900-50700 levels.

Source : Equity Bulls

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