Gold - April 12, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices extended losses this Monday early afternoon trade from Friday weighed down by a rebound in the dollar.

However, lack of any major trigger in the markets today, prices could track the movement of the greenback.

Investors will look to cues from the CPI report this week and Powell's speech; who is scheduled to speak at the Economic Club of Washington this week.

Technically, LBMA Gold Spot supports remain at $1733 and $1720. Resistances remain at $1746 and $1753. Markets could trade within the supports and resistances for the rest of session.

Domestic gold prices are trading marginally in the green this Monday early afternoon as the Rupee continued to depreciate against the Dollar.

Additionally, gold imports by India surged in March to the highest monthly total in nearly two years to 98.6 tonnes last month from 13 tonnes a year earlier as a price crash improved demand for jewellery.

Technically, MCX Gold June resistances remain at 46900 and 47100. Supports remain at 46550 and 46300.

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Source : Equity Bulls

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