Gold - April 29, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold gave up gains and is trading marginally in the red this Thursday in early afternoon trade in Asia despite weak dollar and easing bond yields.

Downside remained capped amid dovish Fed statement yesterday and U.S. President Joe Biden's sweeping $1.8 trillion package plan for families and education in his first speech to Congress.

Markets now could track the release of the U.S. GDP and jobless claims data due later.

Technically, LBMA Gold Spot resistances are at $1788 and $1795. Supports are at $1776 and $1768 levels.

Domestic gold prices are trading marginally in the red this Thursday, tracking weak overseas prices and stronger Rupee.

Technically, MCX Gold June resistances are at 47150 and 47350. Supports are at 46900 and 46750.

Strategy for Gold June for the rest of the session will be buying at 47000 with a stoploss at 46900 and a target at 47300.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords