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Commodities
Gold - May 17, 2021 - Reliance Securities
Posted On : 2021-05-17 18:14:56( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading with solid gain on Monday early afternoon trade in Asia supported by a dip in U.S. Treasury yields.
Additionally, worries over surging COVID-19 cases in some Asian countries also boosted demand for the safe-haven metal and pushed prices higher.
Investors now wait for the minutes of the U.S. Federal Reserve's last meeting due on Wednesday for more cues on the central bank's monetary policy and any comments on rising inflation.
Technically, LBMA Gold Spot is trading on a positive note above $1850 levels and a trade above could push prices to $1861-1875 levels. Support is at $1844-$1836 levels.
Domestic gold tracked overseas and are trading with gains on Monday early afternoon trade.
Technically, MCX Gold June breakout above 47900 could take prices above 48050-48300 levels. Support is at 47700-47500 levels.
Strategy for Gold June for the rest of the session is buying on dips near 47900 with a stoploss at 47800 and a target at 48200.
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