Gold - Dec 23, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with small gains this Wednesday morning and early afternoon trade in Asia tracking the weakness of the U.S Dollar and fresh stimulus hopes.

The Dollar Index was trading weak this Wednesday morning and early afternoon trade in Asia.

President-elect Joe Biden has said his administration will put forward another COVID-19 relief package early next year.

However, upside was capped after U.S. President Donald Trump said that he may not sign a COVID-19 bill passed by both the House of Representatives and the Senate.

Markets could look to cues from data tonight from the U.S. tonight especially investors will monitor jobless claims.

Technically, LBMA Gold Spot is trading below 50-Daily Moving Average at $1868 levels where it expected to trade on a negative note & further downside could see $1855-$1845 levels. Resistance is at $1870-$1881 levels.

Domestic gold prices are trading with small losses this Wednesday morning and early afternoon trade.

Technically, MCX Gold February trading near 65-Daily Moving Average at 50030 levels below which could see a downside pressure up to 49800-49500 levels. Resistance at 50300-50500 levels.

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Source : Equity Bulls

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