Gold - June 2, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading marginally in red on Wednesday early afternoon trade in Asia tracking the gains in the dollar and bond yields.

Data remained upbeat yesterday, however a reiteration of dovish comments from Lael Brainard capped downside.

Inflation has also risen across the Atlantic and could lead to concerns over whether the central bank will keep its ultra-loose monetary policy in its policy decision due next week.

This week however, the major trigger point for the market will be the non-farm payrolls and unemployment rate in May due on Friday.

Technically, LBMA Gold Spot below $1900 level could see a bearish momentum up to $1884-$1877 levels. Resistance is at $1908-$1914 levels.

Domestic gold prices are trading marginally in green on Wednesday early afternoon trade, probably on the back of weaker Rupee.

Upside remained capped as the international benchmark remained weak.

Technically, MCX Gold August below 49500 could see a downside pressure up to 49300-49170 levels. Resistance is at 49600-49800 levels.

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Source : Equity Bulls

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