Gold - March 30, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading weaker this Tuesday morning and early afternoon trade in Asia as investors turned away from the safe-haven asset amid improving economic growth in the U.S. supported by quickening vaccine rollout and the prospect of more stimulus measures.

The U.S. 10-year bond yields along with the U.S. Dollar rose this Tuesday morning and early afternoon trade amid expectations that U.S. President Joe Biden's infrastructure initiative of close to $3 trillion.

Technically, LBMA Gold Spot is trading marginally above the pivotal level $1700 level, but a trade below could witness prices correct up to $1689-$1670 levels. Resistance is at $1712-$1720 levels.

Domestic gold June contract on MCX is trading weak this Tuesday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Gold June is above an important resistance 44500 but a trade below could see downside pressure up to 44000-43700 levels.

Strategy for Gold June for the rest of the session is selling near 44600 with a stoploss at 44800 and a target at 44000.

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Source : Equity Bulls

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