Gold - Feb 19, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices fell to their lowest in more than seven months on Friday morning and early afternoon trade in Asia as rising U.S. Treasury yields reduced the non-yielding bullion's appeal.

Benchmark 10-year U.S. Treasury yields hovered close to a near one-year high Friday morning and early afternoon trade in Asia.

Gold's decline came despite an unexpected rise in U.S. jobless claims last week which suggests that there is no incentive for investors to buy at current levels.

Markets could look to cues from existing home sales data tonight.

Technically, LBMA Gold Spot is trading near $1770 levels indicating a Bearish trend to continue upto $1763-$1754 levels. Resistance is at $1774-$1782 levels.

Domestic gold prices extended losses this Friday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Gold April below 46000 level and will continue downside pressure towards the support near 45910-45700 levels. Resistance is at 46150-46340 levels.

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Source : Equity Bulls

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