Gold - March 26, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with marginal gains despite strong U.S Dollar and firm yields this Friday morning and early afternoon trade in Asia.

However, for the week, gold was down by about 1% as the dollar surpassed the four-month high this week.

However, downside was capped amid safe haven appeal for the yellow metal amid tough restrictions in Europe due to spike in covid-19 cases.

Technically, LBMA Gold Spot is consolidating near 21-Daily Moving Average which is placed at $1724 level from where a bounce back can be expected up to $1733-$1745 levels. Support is at $1721-$1707 levels.

Domestic gold prices are trading with marginal losses this Friday morning and early afternoon trade.

Technically, MCX Gold June is holding a resistance at 45000-45300 level where 44500-44380 is a strong support markets are expected to trade within these range.

Strategy for Gold June for the rest of the session will be buying near 44900 with a stoploss at 44750 and a target at 45200.

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Source : Equity Bulls

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