Gold - Nov 2, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices were flat this Friday afternoon trade in lackluster trade.

Downside was capped as the latest COVID-19 data showed worsening conditions across the U.S. and fear that the virus took a strong grip on economic activity.

On the other hand, upside was limited by the continued deadlock of U.S. talks on a COVID-19 stimulus package.

The U.S. Dollar Index was flat this Friday afternoon trade and probably will await cues from important speeches from FOMC members Bullard and Williams tonight.

Technically, LBMA Gold is trading above $1870 and but remaining below the $1888 indicating sideways momentum. Immediate support is at $1888-$1895 levels & Support is at $1872-$1860 levels.

On the domestic side of things, technically, MCX Gold December is holding a resistance near 50800 levels where it could see a hurdle. Range for the rest of the session is 50350-50800.

Source : Equity Bulls

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