Gold - March 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices are trading flat to marginally higher in a choppy trading session this Thursday morning and early afternoon trade in Asia.

Stronger 10-year benchmark yields and stronger Dollar are keeping upside limited.

Investors now await Fed Chair Jerome Powell's speech before a virtual Wall Street Journal Jobs Summit for clues on the outlook of the central bank's monetary policy.

Apart from the speech market could also look to cues from jobless claims data tonight.

Technically, LBMA Gold Spot is holding support near $1707 level. However, a break below will continue its Bearish momentum up to $1682-1680 levels. Resistance is at $1721-$1737 levels.

Domestic gold prices are trading lower, tracking weak COMEX futures prices and a stronger Rupee.

Technically, if MCX Gold April continues to trade below 45000 we could witness a downside pressure up to 44600-43950 levels. Resistance is at 45050-45280 levels.

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Source : Equity Bulls

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