Gold - May 12, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading in the red on Wednesday early afternoon trade in Asia, weighed down by higher U.S. Treasury yields and a slight rebound in the dollar ahead of the much-awaited U.S. consumer price data due later in the day.

Higher inflation number might add pressure on the Fed to bring forward rate rises, but currency markets have been soothed by repeated promises of patience from Fed speakers.

Technically, LBMA Gold Spot is sustaining below 200-DMA at $1849 levels which will act as hurdle for further upside movement. Support is at $1828-$1815 levels. Resistance is at $1839-$1847 levels.

Domestic gold prices are trading in the red on Wednesday early afternoon trade, tracking overseas prices.

Technically, MCX Gold June contract supports are at 47478 and 47430 and resistances are at 47700 and 47930.

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Source : Equity Bulls

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