Gold - Nov 5, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic Gold were firm in a narrow range on Thursday morning and afternoon trade as investors were cautiously optimistic that Democrat Joe Biden would edge past President Donald Trump in a tight race to the White House.

If indeed Biden wins he would likely enact larger stimulus measures than Trump.

Also supporting bullion was a subdued dollar this Thursday morning and afternoon trade.

Meanwhile, gold also found support after BOE expanded the Quantitative Easing (QE) program by £150 billion to £895 billion but kept the benchmark interest rate unchanged at 0.10% at its November policy meeting.

Meanwhile, markets will await the FOMC meeting conclusion tonight.

Technically, LBMA Gold Spot is trading near 50-DMA at $1913 levels and is trading above $1900 levels indicating an upside move to continue in coming sessions. Resistance zone is at $1920-$1933 levels. Support holds at $1892-$1875 levels.

Technically, MCX Gold December is sustaining above 51300 levels where 50900 holds a strong support below which will trigger a Bearish Reversal in the counter. Resistance is at 51600-51850 levels & Support holds at 51300-50900 levels.

Technically, BMA Silver Spot is trading near 21-DMA which is placed at $24.27 levels, however $23.68 holds a support below which will continue its downside momentum up to $23.00-$22.75 levels. Resistance is at $25.00-$25.20 levels.

Technically, MCX Silver December is trading above 21 as well as 50-Daily Moving Average above 62000 levels. However below 61200 could see a Bearish move upto 59900-59100 levels. Resistance is at 63400-64050 levels.

Source : Equity Bulls

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