Gold - March 2, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading weaker this Tuesday morning an early afternoon trade in Asia as the U.S. Dollar rose this Tuesday as investors bet on faster growth and inflation in the U.S.

Markets will now focus on the data points, speeches and debates during the week.

Fed Chairman Jerome Powell, who will speak at a Wall Street Journal event on Thursday where he is expected to discuss the economy.

The Fed will release its Beige Book on Wednesday, while markets could also track the release of nonfarm payroll on Friday.

Debate on a $1.9 trillion stimulus package will begin in the Senate later in the week.

Technically, LBMA spot gold has pivotal support at $1705 and a close below could witness a correction towards $1690. Important resistance is at $1735.

Domestic gold prices are trading weaker this Tuesday morning an early afternoon trade, tracking overseas markets.

Technically, MCX April gold has a pivotal support at Rs.44800 and a close below could witness a correction towards Rs.43920. Important resistance is at Rs.45800.

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Source : Equity Bulls

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