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Commodities
Gold - May 21, 2021 - Reliance Securities
Posted On : 2021-05-23 11:17:31( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading in the red on Friday early afternoon trade in Asia as an improving economic outlook broadened investors' risk appetite.
However, a weaker dollar, subdued U.S. Treasury yields and growing inflationary pressure capped losses.
Investors now will await a slew of U.K. economic data due to be released later in the day, which include April composite, manufacturing and services purchasing managers' indexes for May.
While existing home sales data from the U.S. could also move the markets later in the day.
Technically, LBMA Gold Spot will continue its bullish note above $1870 levels up to $1885-1894 levels. Support is at $1863-$1855 levels.
Domestic gold prices are trading in the red on Friday early afternoon trade, tracking overseas prices.
Technically, if MCX Gold June breaks out above 48400 we could witness a push up to 48800-49100 levels. Support is at 48350-48150 levels.
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