Commodities

Gold - Outlook - April 1, 2021 - Reliance Securities



Posted On : 2021-04-01 08:48:05( TIMEZONE : IST )

Gold - Outlook - April 1, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver recovered on Wednesday on short covering and bargain hunting in the cash market.

Domestic gold and silver recovered on Wednesday, tracking firm overseas markets.

Meanwhile, the U.S. Dollar gave up gain on Wednesday and lifted prices.

However, benchmark U.S. 10-year Treasury yields still remained higher and capped upside.

U.S. ADP national employment report for March showed a jobs gain of 517,000, which was in line with expectations of a gain of 525,000 jobs and compares to 117,000 jobs gained in February.

President Biden unveiled Wednesday the first of two expected portions of the next phase of his U.S. economic agenda. The package is expected to cost $2.3 trillion will include tax hikes for higher-income Americans and businesses.

International spot gold and silver prices have started higher this Thursday morning in Asian trade.

Investors will look to cues from jobless claims and ISM Manufacturing PMI data tonight.

Technically, LBMA Gold Spot has bounced back from its support zone near $1675-$1680 levels indicating an upside momentum up to $1714-$1724 levels.

Technically, LBMA Silver Spot has bounced back from its support zone near $23.75 levels indicating an upside momentum up to $24.80 levels.

Domestic gold and silver prices could start higher this Thursday morning tracking overseas prices.

Technically, MCX Gold June has bounced back from 44200-44250 levels indicating an upside up to 44900-45200 levels.

Technically, MCX Silver May has bounced back from 62500 and ended on a positive note indicating further upside 64200-64800 levels.

MCXBULLDEX April could trade within the range of 13850-14100 levels.

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Source : Equity Bulls

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