Gold - June 3, 2021 - Reliance Securities

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.

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Source : Equity Bulls

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