Gold - Dec 24, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading marginally higher this Thursday morning and early afternoon trade in Asia as lower-than-expected number of jobless claims offset losses from a possible delay in release of COVID-19 stimulus aid after President Donald Trump's threat to veto the bill.

Gold also took support after the U.S Dollar extended losses from Wednesday.

Meanwhile risk appetite improved in the financial markets after the U.K. and the European Union also appeared to be close to signing a post-Brexit trade deal agreement.

Markets could remain flat for the rest of the session in a holiday curtailed week, with volumes also remaining on the lower side of things.

Technically, LBMA Gold Spot is sustaining above 50-Daily Moving Average at $1868 levels above it expected to trade on a positive note & further upside could see $1881-$1895 levels. Support is at $1868-$1859 levels.

Domestic gold prices are trading marginally lower on Thursday morning and early afternoon trade.

Technically, MCX Gold February is holding above 65-Daily Moving Average at 50030 levels above which could see a positive session up to 50350-50500 levels. Support at 50000-49800 levels.

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Source : Equity Bulls

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