Gold - June 17, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading in the red on Thursday early afternoon trade in Asia continued to be weighed down by a strong dollar and strengthening bond yields.

However, some speculative buying on dips and short covering could not be rules, overall trend appears weak in the short run or at least till investors continued to digest the U.S. Federal Reserve's latest policy decision.

Markets will look to cues from the jobless claims and Philly Fed Index tonight.

Technically, LBMA gold major support is at $1800, however a close below today will pull prices to $1765 levels. Resistances are at $1820 and $1830 for this Wednesday's session.

Domestic gold prices opened gap down and is trading in the red on Thursday early afternoon trade, tracking overseas prices.

Technically, MCX Gold June is trading below a pivotal level at 48050 and a sustained trade below will pull prices to initially 47240 and further down to 46400 levels.

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.

Source : Equity Bulls

Keywords