Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading in the red on Thursday early afternoon trade in Asia continued to be weighed down by a strong dollar and strengthening bond yields.
However, some speculative buying on dips and short covering could not be rules, overall trend appears weak in the short run or at least till investors continued to digest the U.S. Federal Reserve's latest policy decision.
Markets will look to cues from the jobless claims and Philly Fed Index tonight.
Technically, LBMA gold major support is at $1800, however a close below today will pull prices to $1765 levels. Resistances are at $1820 and $1830 for this Wednesday's session.
Domestic gold prices opened gap down and is trading in the red on Thursday early afternoon trade, tracking overseas prices.
Technically, MCX Gold June is trading below a pivotal level at 48050 and a sustained trade below will pull prices to initially 47240 and further down to 46400 levels.
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