Gold - Jan 19, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with gains on Tuesday morning and early afternoon trade in Asia supported by prospects of stimulus measures to boost economic recovery from COVID-19.

Additionally, a weaker U.S. Dollar also supported sentiments.

Investors will now await comments from Secretary of the Treasury nominee Janet Yellen, on U.S. stimulus measures and the dollar during her Senate confirmation hearing later in the day.

On the central bank side, investors will await key monetary policy decisions from the European Central Bank and the Bank of Japan on Thursday.

Both of them have already reiterated a dovish stance.

Technically, LBMA Gold Spot is holding a resistance of 200-Daily Moving Average which is at $1843 levels above which could see a bullish momentum up to $1849-$1856 levels. Support is at $1833-$1825 levels.

Domestic gold prices are trading with gains on Tuesday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Gold February is holding a support near 48550 levels above which could see a bullish momentum up to 49050-49300 levels. Support is at 48800-48580 levels.

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Source : Equity Bulls

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