Gold - Oct 21, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices were trading with gains this Wednesday afternoon trade in Asia tracking the weak U.S. Dollar and hopes of Covid-19 stimulus from the U.S.

Safe haven appeal also supported gold as rising Covid-19 in Europe could prompt fresh lockdowns.

Technically, LBMA Gold Spot has given a breakout above the Falling Channel formation where 50-DMA but is holding a resistance near $1925 levels. However, a breakout above could take prices up to $1933-$1949 level and Support is at $1908-$$1895 levels.

Domestic gold prices are trading with gains this Wednesday afternoon trade, tracking firm overseas prices.

Technically, MCX Gold December has given a Bullish Reversal where it's also started to trade above 51000 levels where 50900-50700 will hold a support and prices could see upside move upto 51200-51500 levels.

Source : Equity Bulls

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