Gold - June 22, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are flat in a choppy trading session on Tuesday early afternoon trade in Asia as investors await Powell's speech later in the day.

However, the U.S. dollar was trading marginally in the green this on Tuesday early afternoon trade in Asia and capped upside.

Meanwhile, in written remarks prepared by Powell said that although inflation had increased, it will move back toward the Fed's 2% target once supply imbalances are resolved.

Investors now await the hearing to get clues on the pace of U.S. economic recovery from COVID-19 and the outlook for the Fed monetary policy.

Investors also await a Bank of England policy decision, to be handed down this week along with U.S. GDP and PCE Index data.

Technically, LBMA Gold Spot has bounced back from $1760 levels where its trading on positive note above $1780 levels. However, it holds a resistance near $1790 level.

Domestic gold gave up morning gains and is trading marginally in the red on Tuesday early afternoon trade, tracking overseas prices.

Technically, MCX Gold August is holding a support near 100-DMA which is placed at 46900 levels above which could see an upside move 47200 levels.

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Source : Equity Bulls

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