Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading marginally in the red on Friday early afternoon trade in Asia, reversing initial gains as investors avoided big bets ahead of the release of critical U.S. employment data that could influence the U.S. Federal Reserve's recent hawkish stance on monetary policy.
The dollar inched up on Friday early afternoon trade in Asia towards three-month highs and kept upside limited.
Hawkish statement from Philadelphia Fed President Patrick Harker also kept upside limited. He suggested that cutting asset purchases by $10 billion a month might be reasonable and added that he favoured starting the process in 2021.
The U.S. jobs report for June, including non-farm payrolls, will be released later in the day.
Technically, LBMA Gold Spot resistances are at $1785 and $1793. Supports are at $1770 and $1761 levels.
Domestic gold prices are trading higher on Friday early afternoon trade, tracking a weaker Rupee.
The Rupee weakened this Friday early afternoon trade tracking the strength of the dollar.
Technically, MCX Gold August resistance are at 47300 and 47500. Supports are at 46900 and 46700.
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.