Gold - Feb 16, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with small gains this Tuesday morning and early afternoon trade in Asia, tracking the weakness of the U.S. Dollar.

However, upside in bullion remained capped as benchmark U.S. Treasury yields climbed to their highest levels since March 2020 supported by optimism for a quick economic recovery from COVID-19 and expectations of continuous low interest rates saw investors turn to riskier assets.

Meanwhile, the U.S. Federal Reserve is scheduled to release the minutes from the Federal Open Market Committee's January meeting on Wednesday and investors will look to any cues from the minutes.

On the calendar front, the EU's GDP and ZEW Economic Sentiment index figures are also due to be released later in the day.

Technically, LBMA Gold Spot is trading above $1820 but could continue its Bearish momentum up to $1812-$1800 levels. Resistance is at $1828-$1839 levels.

Domestic gold prices are trading with gains this Tuesday morning and early afternoon trade, tracking the overseas prices.

Technically, MCX Gold April below 47500 will continue its Bearish momentum up to 47100-46900 levels. Resistance is at 47500-47650 levels.

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Source : Equity Bulls

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