Gold - August 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading marginally in the green on Wednesday early afternoon trade in Asia as the dollar edged lower, remaining near recent lows ahead of the release of key U.S. employment data which could guide monetary policy thinking at the Federal Reserve.

On the data front, investors will also await the ADP non-farm employment change for July, alongside the Institute of Supply Management (ISM) non-manufacturing PMI, due later in the day.

The data comes ahead of the latest U.S. jobs report, due on Friday.

The Bank of England will hand down their policy decisions this week.

Technically, if LBMA Gold continues to trade below $1818 level it could continue the Bearish momentum up to $1805-$1795 levels. Resistance is at $1812-$1820 levels.

Domestic gold prices are trading marginally in the green on Wednesday early afternoon trade, tracking overseas prices.

Technically, MCX Gold October is holding resistance near 48000 below can take prices up to 47800-47600 levels. Resistance is at 48100-48250 levels.

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Source : Equity Bulls

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