Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International spot gold prices are trading modestly weaker on Monday early afternoon trade in Asian trade weighed down by a stronger dollar.
Investors digested most of the data last week and now await the upcoming Fed meeting this week for further cues.
We don't expect any rate hikes, but if the statement is hawkish or reveals any sign of hawkishness, then we feel markets could correct further.
Chinese investors remained away from the markets today due to local holiday, so volumes could be slightly lower.
Technically, LBMA Gold Spot broke below the 21 Daily Moving Average at $1885 level and now could pull down prices to $1852-$1844 levels. Resistance is at $1869-$1878 levels.
Domestic gold prices are trading modestly weaker on Monday early afternoon trade, tracking overseas prices.
Technically, MCX Gold August is trading below 48500 level and now could pull prices to 48350-48000 levels. Resistance is at 48600-48800 levels.
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