Gold - March 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices rose this Monday morning and early afternoon in Asian trade supported by the passage of the long awaited $1.9 trillion U.S. corona virus relief package.

However, upside remained capped as the dollar and U.S. Treasury yields both extended gains this Monday morning and early afternoon in Asian trade.

Lack of any major data tonight could witness gold prices track the dollar and the yields in the intraday session.

Technically, LBMA Gold spot could remain within the trading band of $1678-1720.

Domestic gold prices are trading marginally in the red this Monday morning and early afternoon in Asian trade, probably tracking the stronger Rupee this Monday.

Technically, MCX Gold April could remain within the trading band of 44250-44800.

Strategy for Gold April is selling near 44660-44650 with a stoploss at 44800 and a target at 44200.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

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