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Commodities
Gold - June 3, 2021 - Reliance Securities
Posted On : 2021-06-03 21:55:14( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading with small cuts on Thursday early afternoon trade in Asia, as investors await key U.S. economic data for clues about the economic outlook.
The dollar and the benchmark 10-year U.S. Treasury yield rose on Thursday early afternoon trade and weighed on sentiments.
On the data front, investors now await U.S. initial jobless claims due late in the day, and non-farm payrolls to be released 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 with modest losses on Thursday early afternoon trade in Asia, tracking weak overseas prices.
Technically, MCX Gold August below 49500 could see a downside pressure up to 49300-49170 levels. Resistance is at 49600-49800 levels.
Strategy for Gold August for the rest of the session is selling on rise at 49500 with a stoploss at 49700 and a target at 49000.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.
