Commodities

Gold and Silver - July 7, 2021 - Reliance Securities



Posted On : 2021-07-07 16:55:21( TIMEZONE : IST )

Gold and Silver - July 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices ended with solid gains, briefly rising above the $1800/ounce mark at one point, bolstered by a retreat in U.S. bond yields.

In other metals, international spot silver fell from session high's tracking the strength of the Dollar.

Domestic gold ended higher, while silver gave up gains to end in the red on Tuesday, tracking overseas prices.

Benchmark U.S. Treasury yields hit a near two-week low, boosting gold's appeal.

However, upside was capped investors watched for minutes from the Federal Reserve's last policy meeting to gauge interest rate trajectory.

Additionally, upside was also capped as the U.S. Dollar remained firm on Tuesday.

International spot gold and silver prices have started flat this Wednesday morning in Asian trade ahead of minutes of the Fed's latest meeting due to be published tonight.

Technically, LBMA Gold holds a resistance zone near $1810-$1820 levels. Support is at $1790-$1781 levels.

LBMA Silver holds a 200-Daily Moving Average resistance at $26.40 level and above which will continue its Bullish momentum up to $26.55-$27.10 levels. Support is at $25.90-$25.40 levels.

Domestic gold and silver prices could start flat this Wednesday morning, tracking overseas prices.

On the domestic front, MCX Gold August holds a strong support near 47650-47400 levels. Resistance is at 47800-48000 levels.

MCX Silver September holds a resistance 50-DMA near 70480 levels and above which could see a bullish momentum up to 71200-72100 levels. Support is at 68800-67900 levels.

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Source : Equity Bulls

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