Gold - Dec 3, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading flat to marginally higher this early Thursday afternoon trade as the U.S. Dollar continues to struggle near its 21/2 year low amid talks of a U.S. stimulus aid package from the U.S.

Upside was capped after Britain became the first country to approve Pfizer-BioNTech's COVID-19 vaccine.

Markets will look ahead to economic data with labour market data expected to be released over the next 2 days.

The Fed and the European Central Bank are both due to convene for their respective policy meetings, the last for 2020, in the following week.

Technically, LBMA Gold Spot is trading well above 200-DMA at $1802 level and could take prices to $1842-$1868. However below $1825 that could see correction upto $1818-$1802 levels.

Domestic gold prices are trading with modest gains this early Thursday afternoon trade.

Technically, MCX Gold February gave breakout above 200-DMA and started to trade above 49000 levels indicating upside momentum. Above 48700 will continue its bullish momentum up to 49450-49800 levels. However below 48700 could take prices to 48480-47200 levels.

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Source : Equity Bulls

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