Gold - Feb 17, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading marginally down this Wednesday morning and early afternoon trade in Asia probably on the back of rising Treasury yields which has moved higher expectations of a quick global economic recovery from COVID-19.

The U.S. Dollar Index also moved higher this Wednesday morning and early afternoon trade in Asia and kept upside capped.

Markets will look to cues from Fed minutes tonight, along with retail sales data.

Technically, LBMA Gold Spot on the daily chart has given a Bearish Death Crossover of the simple 50*200 Daily Moving Averages which is a sign for continuation of bearish trend. Support holds at $1786-$1774 levels. Resistance is at $1806-$1817 levels.

Domestic gold prices are trading down by almost 0.5% this Wednesday morning and early afternoon trade, tracking weak overseas prices.

Technically, MCX Gold April is trading on a negative note where further prices could move towards the support near 46500-46150 levels. Resistance is at 46900-47200 levels.

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Source : Equity Bulls

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