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Gold and Silver - July 7, 2021 - Reliance Securities

Posted On: 2021-07-07 11:25:21 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices ended with solid gains, briefly rising above the $1800/ounce mark at one point, bolstered by a retreat in U.S. bond yields.

In other metals, international spot silver fell from session high's tracking the strength of the Dollar.

Domestic gold ended higher, while silver gave up gains to end in the red on Tuesday, tracking overseas prices.

Benchmark U.S. Treasury yields hit a near two-week low, boosting gold's appeal.

However, upside was capped investors watched for minutes from the Federal Reserve's last policy meeting to gauge interest rate trajectory.

Additionally, upside was also capped as the U.S. Dollar remained firm on Tuesday.

International spot gold and silver prices have started flat this Wednesday morning in Asian trade ahead of minutes of the Fed's latest meeting due to be published tonight.

Technically, LBMA Gold holds a resistance zone near $1810-$1820 levels. Support is at $1790-$1781 levels.

LBMA Silver holds a 200-Daily Moving Average resistance at $26.40 level and above which will continue its Bullish momentum up to $26.55-$27.10 levels. Support is at $25.90-$25.40 levels.

Domestic gold and silver prices could start flat this Wednesday morning, tracking overseas prices.

On the domestic front, MCX Gold August holds a strong support near 47650-47400 levels. Resistance is at 47800-48000 levels.

MCX Silver September holds a resistance 50-DMA near 70480 levels and above which could see a bullish momentum up to 71200-72100 levels. Support is at 68800-67900 levels.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.


Source: Equity Bulls

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