Gold - April 9, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading moderately lower this early Friday afternoon in Asia as the dollar recovers modestly this Friday.

However, downside remained capped supported by a surprise jump in the number of U.S. jobless claims and geopolitical tensions between U.S. and China.

Lack any other major data tonight could keep markets in a small trading band this Friday.

Technically, LBMA Gold Spot resistances are at $1750 and $1760. Supports are at $1735 and $1725 levels. Prices could remain within the supports and resistances for the rest of the session.

Domestic gold prices are trading with small losses this early Friday afternoon, tracking overseas prices.

Downside remained capped as the Rupee continued to weaken this Friday's trade.

Technically, MCX Gold June resistances are at 47100 and 47400. Supports are at 46650 and 46400. Prices could remain within the supports and resistances for the rest of the session.

Strategy for Gold June for the rest of the session will be buying near 46750 with a stoploss at 46600 and a target at 47100.

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Source : Equity Bulls

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