Gold and Silver - August 17, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices rose on Tuesday early afternoon trade in Asia as surging coronavirus Delta variant cases raised concerns over its impact on the pace of economic recovery and pushed investors towards safe-haven assets.

Recent data has also remained weaker in the U.S. and China and lifted gold prices.

Focus is now on U.S. retail sales data due later in the day as well as Fed Chairman's speech tonight along with minutes of Fed's July meeting on Wednesday for cues on the central bank's stimulus tapering.

Meanwhile, the U.S. dollar, recovered marginally on Tuesday early afternoon trade and capped further upside.

Technically, LBMA Gold is trading above 21-Daily Moving Average which is placed at $1789 levels above which will continue its uptrend up to $1802-$1821 levels. Support is at $1783-$$1771 levels.

Domestic gold prices are also trading with gains on Tuesday early afternoon trade, tracking overseas prices.

Technically, MCX Gold October could see a bullish momentum up to 47550-47700 levels support is at 47350-47200 levels.

Among other precious metals international silver prices are also trading with gains on Tuesday early afternoon trade.

Technically, LBMA Silver above $23.00 level could see $24.10-$25.22 levels. Support is at $23.40-$22.65 levels.

Domestic silver prices are also trading with gains on Tuesday early afternoon trade, tracking overseas prices.

Technically, MCX Silver September above 63e00 level could see 63900-64400 levels. Support is at 62900-62000 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