Gold and Silver - October 20, 2021 Outlook - Reliance Securities
2021-10-20 08:58:22 (Time Zone: IST)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices ended with small gains, while silver prices rose over 2% on Tuesday.
Domestic gold ended marginally in the red, while silver prices rose almost 2% on Tuesday, tracking overseas prices.
Bullion Index ended in the green on Tuesday.
A rise in U.S. Treasury yields capped upside in gold, however the U.S. Dollar eased Tuesday and capped downside.
Further dimming the gold's safe-haven appeal were expectations for solid quarterly earnings, which provided a boost to U.S. equities on Tuesday.
Market participants are increasingly expecting the Fed to start tapering its asset purchases soon, as the earnings season has been encouraging so far and recent data showed a solid increase in U.S. consumer prices.
International gold prices have started mixed with spot starting higher and futures starting marginally in the red this Wednesday morning in Asian trade.
U.S. Dollar remained flat, but rising bond yields could cap upside.
Technically, LBMA Gold resistances remain near $1790 and $1810. Supports remain near $1760 and $1750.
Domestic gold prices could start flat this Wednesday morning.
Technically, MCX Gold December resistances remain near 47550 and 47750. Supports remain near 47000 and 46850.
International silver prices have started mixed with spot starting higher and futures starting marginally in the red this Wednesday morning in Asian trade.
Technically, LBMA Silver range for the day remain between $24.70-$22.45.
Domestic silver prices could start flat this Wednesday morning, tracking overseas prices.
Technically, MCX Silver December range for the day remain between 61200-64300.
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.