Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading marginally in the green on Thursday early afternoon trade in Asia reversing from early morning trade as investors await key economic data in the U.S. to be released later in the day.
The 10-year benchmark U.S. Treasury yield rose on Thursday early afternoon trade, while the dollar remained steady and kept upside capped.
Investors will also continue to monitor how the U.S. Federal Reserve is going to handle the policy on a possibility of rising inflation.
On the data front, investors now await U.S. data, including GDP for the first quarter of 2021, initial jobless claims for the previous week, as well as Core Durable Goods Orders and Pending Home Sales for April, due later in the day.
Technically, LBMA Gold Spot has bounced back from $1890 level where breakout above $1905 could see a bullish momentum up to $1914-$1923 levels. Support is at $1894-$1888 levels.
Domestic gold prices are trading marginally in the red on Thursday early afternoon trade, tracking stronger Rupee.
Technically, MCX Gold June could trade on sideways to marginal upside momentum up to 48900-49100 levels. Support is at 48700-48550 levels.
Strategy for Gold June for the rest of the session in buying on dips near 48700 with a stoploss at 48600 and a target at 48900.
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