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Gold Sees Supportive Action

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Gold saw some stability in last session as buying emerged in the metal after the mega crash on Monday. COMEX Gold slumped as Pfizer and BioNTech stated late-stage trial data showed Covid vaccine is more than 90% effective in preventing infection. Gold tested a near three and half month intraday low under $1850 per ounce before some witnessing some support. The metal edged up further as local retail prices moved back towards Rs 50000 per 10 grams, triggering hopes of a return in retail buying as Diwali approached. A sharp drop in fresh Covid-19 cases also worked in favor of the metal and the commodity currently trades at $1877 per ounce, up slightly on the day.

Gold prices edged higher on Wednesday

Gold prices edged higher on Wednesday supported by hopes of more U.S. stimulus measures as surging COVID-19 cases threaten to hamper economic recovery, although optimism over vaccine developments limited gains. Spot gold rose 0.2% to $1,879.31 per ounce. U.S. gold futures were up 0.1% at $1,878.70. A surge in coronavirus cases threatens to slow U.S. economic growth once more in coming months, Federal Reserve policymakers said on Tuesday, and to get through it the economy will again need government aid. U.S. job openings increased less than expected in September while hiring fell, suggesting the labor market recovery was petering out even before a resurgence in new COVID-19 cases which is expected to slow momentum. California and several states across the U.S. Midwest tightened restrictions on residents on Tuesday as the number of COVID-19 infections surged again in the United States. President-elect Joe Biden said on Tuesday nothing would stop the transfer of power in the U.S. government, even as President Donald Trump says without evidence the election was marred by fraud and some of his Republican allies back probes. Japanese Prime Minister Yoshihide Suga instructed his cabinet on Tuesday to compile a package of stimulus measures to revitalise an economy hit by the pandemic.

TREND : SIDEWAYS

Time                                      :           11/11/2020

Pivot                                     :        1878.34

Technical View                     :         LONG ABOVE 1884.32

Target                                   :        1891.31, 1902.23, 1914.11

Technical View                      :        SHORT BELOW 1873.21

Target                                   :        1868.09, 1856.01, 1845.28

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