Gold - Jan 27, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading marginally weak this Wednesday morning and early afternoon trade in Asia, ahead of the U.S. Federal Reserve policy decision due later in the day.

The Fed concludes a two-day policy meeting and will hand down its policy decision later in the day. The central bank is widely expected to keep policy steady.

Investors also await details of the U.S. stimulus measures.

The U.S. Dollar Index was flat to marginally higher this Wednesday morning and early afternoon trade in Asia and kept upside limited.

Technically, LBMA Gold Spot is trading near the 200-Daily Moving Average at $1847 levels and can witness a bounce back up to $1856-$1863 levels. Support is at $1845-$1838 levels.

Domestic gold prices are trading weak this Wednesday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Gold April is trading above 49000 levels and could witness some upside push up to 49200-49350 levels. Support is at 48900-48750 levels.

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Source : Equity Bulls

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