Gold - Nov 6, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic gold prices remained range bound in a volatile trade this Friday.

Morning session saw gold trade lower as the U.S Dollar started the day firm as investors bet on a divided U.S. Congress under a Joe Biden presidency.

However, after the brief fall, markets recouped most of the losses and was last trading with gains this Friday afternoon amid hopes for more central bank economic support.

Markets will now await further cues from the jobs data from the U.S. and the outcome of the U.S. election.

Technically, LBMA Gold Spot yesterday gave a breakout above horizontal trend line resistance and also started to trade above all major Moving Averages indicated for strong upside trend in the counter. However volatility could keep prices in a range of $1920-$1966 levels in coming sessions.

Technically, MCX Gold December has jumped above 52000 levels where it holds a strong support at 51900-51700 levels above which will continue further upside movement up to 52300-52650 levels. It could trade in a range of 51800-52400 levels.

Source : Equity Bulls

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