Gold - Feb 3, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading flat this Wednesday morning and early afternoon in Asia.

However, downside remained capped amid growing hopes of further U.S. stimulus measures and weaker U.S Dollar.

Markets could look to cues from ISM non-manufacturing PMI and ADP Nonfarm Employment Change data from the U.S. for further cues.

Technically, LBMA Gold Spot is trading below All-major Moving Averages indicating a negative trend in the counter where it holds a support at $1829-$1816 levels. Resistance is at $1845-$1853 levels.

Domestic gold prices are trading flat to marginally higher this Wednesday morning and early afternoon in Asia.

Technically, MCX Gold April is trading on a negative note and below 47500 could see further downside fall upto 47300-47000 levels. Resistance is at 47950-48200 levels.

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Source : Equity Bulls

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