Gold - Nov 18, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading flat and remained in a narrow range early Wednesday afternoon in Asia supported by a weaker dollar and concerns about mounting coronavirus cases and their impact on the economy.

However, upside remained capped amid optimism about the race to deliver a vaccine.

Hopes of additional US fiscal and monetary stimulus also capped downside, especially after Federal Reserve Chair Jerome Powell said the US economy still has a long way to go before it fully recovers from the pandemic.

Technically, LBMA Gold holds a strong resistance of 21-Daily Moving Average which is placed at $1894.70 levels & $1873 levels is holding a support. Gold is likely to trade in a range of $1873-$1890 levels in coming sessions.

Technically, MCX Gold December is trading on a negative note where below 50800 will add to downside momentum whereas it is likely to trade in consolidation pattern. Support is at 50200-49900 levels and Resistance is at 50650-50850 levels.

Source : Equity Bulls

Keywords