Gold - Jan 29, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices remained range bound this Friday morning trade and early afternoon trade in Asia.

Upside was capped as a stronger dollar dented the precious metal's safe haven appeal.

Investors remain focussed on the U.S. stimulus deal as a smaller stimulus or delay in getting the aid passed could weigh on gold prices.

Technically, LBMA Gold Spot is sustaining below 200-DMA below $1848 levels indicating that the Bearish momentum could continue up to $1833-$1825 levels. Resistance is at $1848-$1856 levels.

Domestic gold bucked the overseas trend and is trading modestly higher this Friday morning trade and early afternoon trade.

Technically, MCX Gold April is trading above 49000 levels but holds an immediate resistance near 49250-49400 levels. Support is at 49000-48800 levels.

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Source : Equity Bulls

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