Gold - March 25, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with marginal losses this Thursday morning and early afternoon trade in Asia, extending losses from Wednesday weighed down by stronger U.S. Dollar and firm U.S. bond yields.

Both dollar and yields could continue to move higher as the U.S. economy is recovering better than peers amid aggressive vaccine rollouts and stimulus.

At the same time, downside remained limited amid safe haven appeal for the yellow metal as Europe struggles with its third wave of COVID-19 cases and a delayed vaccine rollout.

On the economic calendar front, U.S. is expected to release the Q4 GDP and weekly jobless claims data tonight and markets will be keenly awaiting both sets of data.

Technically, LBMA Gold Spot is sustaining above 21-Daily Moving Average at $1731 levels and above which could see sideways to marginal upside momentum. Resistance is $1742-$1753 levels.

Domestic gold prices are trading marginally weaker this Thursday morning and early afternoon trade, tracking weak overseas markets.

Technically, MCX Gold April resistance remains at 45000 levels and only a breakout above will push prices to 45200-45440 levels. Support remains at 44600-44500 levels.

Strategy for Gold April for the rest of the session will be buying near 44800 with a stoploss at 44650 and a target at 45150.

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

Keywords