Spot Gold buyers are not ready to give up yet, as they fear a change in risk sentiment if US AI giant Nvidia Inc.’s earnings report disappoints and creates a wave of risk aversion in financial markets.
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Gold Demand
Apart from this, developments related to Russia and Ukraine will also be monitored, which will keep the demand for traditional safe-haven gold alive.
US-made weapons
On Tuesday, Russia’s Defense Ministry said Ukraine fired six US-made Army Tactical Missile System (ATACMS) missiles in the Bryansk region, an action taken just days after US President Joe Biden allowed Ukraine to use US-made weapons to attack inside Russia.
The Kremlin confirmed on Tuesday that it has lowered the threshold for a possible nuclear strike in response to non-nuclear attacks on Russia.
Interest Rates Cut
In addition, Fedspeak will help predict the US central bank’s next move on interest rates, as the market now sees a 60% chance that the Fed will cut interest rates by 25 basis points (bps) in December.
MCX Gold Price Analysis [20 NOVEMBER 2024]
MCX Gold In the absence of acceptance above the 50-day SMA at Rs 76,500 on a daily closing basis, sellers could head towards the Rs 74,700 range.
This will first result in a test of the previous day’s low at Rs 75200.
On the other hand, immediate resistance is seen at the 50-day SMA, above which the 21-day SMA at Rs 76,900 will apply.
Further recovery could face stiff resistance key at the Rs 77,500 range.
