Gold - Feb 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading flat in a narrow trading band this Monday morning and early afternoon trade in Asia.

Downside was capped amid safe haven appeal for the yellow metal after the U.S reported disappointing jobs data, however, the U.S. Dollar remained steady this Monday morning and early afternoon trade and capped upside.

Investors also await a webinar on Wednesday, where Federal Reserve Chairman Jerome Powell is due to speak.

On the data front, the U.S. inflation data is scheduled for Wednesday and jobless claims for Thursday.

Markets will also await the passage of the Covid-19 stimulus bill.

Technically, LBMA Gold Spot is trading on a flat note where $1800 holds a support & $1829 is a strong resistance. Prices are likely to trade within this range.

Indian gold prices on mcx are trading marginally higher, however prices are trading in a narrow trading band this Monday morning and early afternoon trade, tracking the overseas prices.

Technically, MCX Gold April is trading on a positive note where it is sustaining above 47150 levels indicating some positivity in the counter. Resistance is at 47500-47700 & Support is at 47150-46900 level.

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Source : Equity Bulls

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