Gold - Oct 30, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International Gold prices were trading with small gains this Friday afternoon in Asian trade as the U.S Dollar Index gave up gains pushing safe-haven inflows to bullion.

The dollar was flat to weak this Friday afternoon in Asian trade as markets could look to cues from the data today.

Data due today include the euro zone's third-quarter gross domestic product and October inflation, while the U.S. awaits September personal consumption number.

Technically, LBMA Gold Spot is trading above $1860 levels also it holds a strong support zone near $1848-$1857 levels from where a bounce back move can be expected. However it has given a breakdown of Rising Channel formation and is trading below 100-DMA at $1889 levels indicating sideways momentum in coming session. Support is at $1859-$1848 levels and Resistance is at $1877-$1885 levels.

Domestic gold surged higher this Friday afternoon trade tracking overseas prices and weak Rupee.

Technically, MCX Gold December is trading below 21-DMA which is placed at 50650 levels above which could see some upside push up to 50800 levels. However below 50300 could take prices again near 50100-49900 levels.

Source : Equity Bulls

Keywords