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Commodities
Gold - April 20, 2021 - Reliance Securities
Posted On : 2021-04-20 16:36:59( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading marginally lower this early Tuesday afternoon trade in Asia as climbing U.S. Treasury yields offset gains from a weaker dollar.
Meanwhile, investors will the outcome of the European Central Bank which will hand down its policy decision this week.
On the stimulus front, U.S. President Joe Biden met with a bipartisan group of congressional lawmakers to gather support for his more-than-$2-trillion jobs and infrastructure proposal.
Technically, LBMA Gold Spot could trade in a range of $1755-1784.
Domestic gold prices are trading lower this early Tuesday afternoon trade tracking weak overseas prices and marginally stronger Rupee.
Technically, MCX Gold June is still above 47200 levels indicating a strong upside momentum where support is at 47080-46900 levels. Resistance is at 47600-47850 levels.
Strategy for Gold June will be buying near 47200 with a stoploss at 47080 and a target at 47600.
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