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Research
Gold - Dec 16, 2020 - Reliance Securities
Posted On : 2020-12-16 13:33:31( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading with small gains in early Wednesday afternoon in Asia supported by hopes that the U.S. stimulus measures could be passed this week.
Additionally, the U.S. Dollar continued to struggle near its 2 year lows and lifted sentiments.
Upside was capped as the rapid progress in COVID-19 vaccine rollouts sparked hopes for a quick economic recovery.
Meanwhile, investors will be awaiting fresh cues from the Federal Reserve's policy decision.
Technically, LBMA Gold Spot is trading on a positive note above the 21-DMA at $1835 levels. Further upside it could see $1864-$1871 levels. Support is at $1847-$1839 levels.
Domestic gold prices are trading with gains in early Wednesday afternoon, tracking gains in the overseas prices.
Technically, MCX Gold February is trading above its 21-Daily Moving Average at 49200 levels above which will continue its upside momentum upto 49900-50150 levels. Support is at 49400-49200 levels.
Strategy for Gold February will be Buy above 49500-49530 SL 49350 TGT 49800.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.
