Gold and Silver - Dec 4, 2020 - Angel Broking

Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd

Yesterday, Spot Gold prices increased by 0.27 and MCX gold increased by 1.6 percent on account of weakness in dollar index and mounting cases of coronavirus across the globe.

Alarming increase in the covid19 cases around the globe and many governments imposing fresh lockdown raised bets on further support by central banks which provided more support for Gold.

United States Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin have urged Congress to approve COVID-19 relief funds without further delay, though Democrats continue to attack a decision by Mnuchin to allow five Fed lending programmes to expire during the pandemic. Mnuchin said Congress should also consider extending some of the emergency unemployment benefit programmes that are being used by around 11 million workers. Those programmes will expire at the end of this month without Congressional action.

As for today traders can go for BUY in gold at Rs 49100 levels with the stop loss of Rs 48800 levels for the target of 49600 levels. They can also go for BUY in Silver at Rs 63300 levels, with the stop loss of 62700 levels and for the target of 64500 levels.

Source : Equity Bulls

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