Gold - April 26, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices are trading flat this early Monday afternoon trade in Asia tracking as a rebound in U.S. Treasury yields offset gains from a weaker dollar.

Markets will be keenly awaiting the U.S. Federal Reserve and Bank of Japan meetings this week.

However, there is possibility that the meetings could be a non-event for bullion as both governors could continue to signal dovish stance on the monetary policy and continue their bond purchasing program.

Technically, LBMA Gold Spot have a bounce back from $1765-$1770 support levels and breakout above $1783 could see a bullish momentum to continue up to $1791-$1805 levels.

Domestic gold prices are trading marginally weaker early Monday afternoon trade tracking overseas prices and a stronger Rupee.

However, demand is weak in the physical markets increasing numbers of COVID-19 cases and the consequent restrictions kept gold buyers away.

Technically, MCX Gold June could see a support near 47350-47250 levels and can witness a bounce back up to 47600-47800.

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Source : Equity Bulls

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