Gold - April 13, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading weak this early Tuesday afternoon trade in Asia as U.S. Treasury yields spike supported by growing hopes of a speedy economic recovery from COVID-19.

Meanwhile, the U.S. consumer price index for March will be released later in the day. A survey showed that U.S. consumers raised their inflation expectations again in March and they are more positive about the job market.

Meanwhile, retail sales as well as industrial production data will also be released this which will be keenly awaited.

So, expectation of positive data tonight and this also weighed on gold prices.

Technically, LBMA Gold Spot support is at $1720 and a break below could pull prices to $1700 mark. Resistances remain at $1742 and $1755.

Domestic gold prices trading firm this early Tuesday afternoon trade.

Technically, MCX gold June supports remain at 46000 and 46200. Resistances are at 46650 and 46750.

Strategy for Gold June for the rest of the session will be buying near 46300 with a stoploss at 46100 and a target at 46600.

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Source : Equity Bulls

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