Gold - Dec 7, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices are trading marginally higher this early Monday afternoon in Asian trade as hopes of a U.S. fiscal stimulus package being passed this week offset downward pressure from optimism around COVID-19 vaccines roll-outs.

A bipartisan, $908 billion coronavirus aid bill drew support in the U.S. Congress this week.

The Dollar was trading marginally in the green and rebounded from last week's lows after investors shrugged off a weaker-than-expected U.S. employment report and kept upside limited for gold.

Technically, LBMA Gold Spot is trading below 21-Daily Moving Average at $1844 levels. However, above it could take prices up to $1849-$1865 levels. Support is at $1830-$1817 levels.

Technically, MCX Gold February could see some hurdle near 49526 levels which is the 21-Daily Moving Average. However above it could rally up to 49750-49900 levels. Support is at 49000-49095 levels.

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Source : Equity Bulls

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