Gold - April 22, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading flat to marginally weaker this early afternoon trade in Asia on Thursday as investors await the conclusion from the key ECB meeting today evening.

However, a weaker dollar, falling U.S. Treasury yields and tensions between U.S. and China kept downside capped.

At the same time, investors fear more central banks could follow suit like the Bank of Canada and limited upside. The central bank signalled that it could start hiking interest rates in late 2022 after cutting the pace of bond purchases.

The U.S. Federal Reserve will meet next week.

Meanwhile, investors could also await jobless claims data tonight.

Technically, LBMA Gold Spot is holding resistance near $1800-$1812 levels where support is at $1783-$-$1769 levels.

Domestic gold prices are trading weaker this early afternoon trade on Thursday Asia tracking weaker overseas prices and stronger Rupee.

Technically, MCX Gold June could see a bounced back from 47800-47700 levels where upside it could see 48200-48500 levels.

Strategy for Gold June for the rest of the session will be buying near 47900 with a stoploss at 47750 and a target at 47300.

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Source : Equity Bulls

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