Gold - May 11, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices were trading marginally weaker on Tuesday early afternoon trade in Asia on the back of a slight rebound in the U.S. benchmark 10-year Treasury yield and the dollar.

The Dollar and 10-year Treasury yields inched up on Tuesday a day ahead of the release of U.S. inflation data for April, including the core consumer price index (CPI).

Meanwhile, investors will also look to cues from speeches from several Fed officials. In the U.K., Bank of England Governor Andrew Bailey will speak on Wednesday.

In Asia, the Bank of Japan meeting minutes warned that the uncertainty of Japan's economic recovery from COVID-19 could overshadow its service consumption and the government needs to take stimulus measures to support its economy.

Technically, LBMA Gold Spot supports remain at $1829 and $1813. Resistances remain at $1845 and $1856.

Domestic gold prices were trading marginally weaker on Tuesday early afternoon trade, tracking overseas prices.

Technically, MCX Gold June resistances remain at 47988 and 48343. Supports remain at 47600 and 47225.

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Source : Equity Bulls

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