Gold - November 17, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International bullion prices are trading flat this early Tuesday afternoon trade as concerns over spiking U.S. coronavirus cases offset pressure from vaccine optimism brought about by a positive vaccine trial data.

Weak U.S. Dollar Index and hopes of a new coronavirus relief package from the U.S. capped downside.

Markets could look ahead to the economic calendar for further cues with the U.S. expected to release retail sales data tonight.

Technically, LBMA Gold is trading below 21-Daily Moving Average which is placed at $1896.30 levels which will act as resistance for further upside movement where $1873 will hold a support. Gold is likely to trade in a range of $1870-$1895 levels in coming sessions.

Source : Equity Bulls

Keywords