Gold and Silver - Dec 2, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot and comex futures gold and silver rebounded from the lows of the session this early Wednesday afternoon in Asian trade tracking the weakness of the U.S. Dollar and talks of stimulus.

The dollar also extended losses this Wednesday afternoon trade and lent support.

However, vaccine optimism kept upside capped for bullion.

Technically, LBMA Gold Spot has bounced back from $1765 levels and has formed a long Bullish Candlestick and is trading above 200-DMA which is the sign for Bullish Reversal. Above $1802 could take prices to $1828-$1843. However below that could see correction upto $1787-$1760 levels.

LBMA Silver Spot after giving a sharp rise is taking some halt near the 50-Daily Moving Average at $24.00 levels indicating sideways momentum where it could trade in a range of $22.80-$24.50 levels.

Domestic gold and silver recovered from the lows of the session this early Wednesday afternoon trade tracking a rebound in overseas prices.

Technically, MCX Gold February did not break below 47550 levels where it bounced back and resumed above 200-DMA at 48400 levels indicating sideways to marginal upside momentum. Above 48350 will continue its bullish momentum up to 48800-49150 levels. However below it could drift prices 48080-47700 levels.

MCX Silver March is sustaining above 63000 levels indicating positive momentum up to 64200-65300 levels. Support is at 62400-61600 levels.

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Source : Equity Bulls

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