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Commodities
Gold - May 5, 2021 - Reliance Securities
Posted On : 2021-05-05 17:05:28( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading weaker this Wednesday in early afternoon trade in Asia after U.S. Treasury Secretary Janet Yellen said interest rates may need to rise.
Meanwhile, the dollar also rebounded this Wednesday in early afternoon trade in Asia and weighed on prices.
Markets could look to cues from the non-manufacturing PMI data and ADP employment change, a precursor to the non-farm payrolls from the U.S. tonight.
Investors focus also is expected to shift to April payrolls data due on Friday for further cues on the health of the U.S. economy.
Technically, LBMA Gold Spot resistances remain at $1783 and $1792. Supports remain at $1771 and $1766.
Domestic gold prices are trading with small gains this Wednesday in early afternoon trade, tracking a weaker Rupee.
However, weak overseas prices capped upside.
Technically, MCX Gold June resistances are at 47050 and 47200. Supports are at 46650 and 46500.
Strategy for Gold June for the rest of session will be buying at 46800 with a stoploss at 46700 and a target at 47000.
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