Commodities

Gold - April 8, 2021 - Reliance Securities



Posted On : 2021-04-09 08:47:15( TIMEZONE : IST )

Gold - April 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices rose on Thursday tracking the weakness of the U.S Dollar and softening yields.

Domestic gold and silver ended with gains on Thursday tracking the overseas prices and the continuation of the weakness of the Indian Rupee.

The U.S. Dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.

Initial claims for state unemployment benefits increased 16,000 to 744,000 for the week ended April 3 compared to 728,000 in the prior week.

Federal Reserve Chairman Jerome Powell was participating in a virtual debate on the global economy presented by the International Monetary Fund late Thursday.

He said that there will be millions of people who have a hard time getting jobs and will be appropriate to continue to support them. The Fed also needs to keep supporting the economy which they will.

International spot gold prices have started flat, while silver prices are trading with small gains this Friday morning in Asian trade.

Meanwhile, downside will remain capped supported by a weak dollar and geopolitical tensions between U.S. and China.

Technically, LBMA Gold Spot is trading above $1750 level and could see a positive momentum up to $1763-$1775 levels.

Technically, LBMA Silver Spot is trading above $25.00 which will take prices further upside $25.75-$26.20 levels.

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

Technically, MCX Gold June has given a breakout above 46700 levels indicating the positive trend to continue up to 47100-47400 levels.

Technically, MCX Silver May has closed above 67000 and could see an upside momentum up to 67900-69000 levels.

MCXBULLDEX April resistance is at 14705 and a break above could push prices to 14850. Support is at 14550.

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Source : Equity Bulls

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