Gold & Silver - October 19, 2021 Outlook - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices ended marginally in the red on Monday.

Domestic gold ended marginally higher, while silver prices ended flat on Monday.

Bullion Index ended flat on Monday.

A rise in U.S. Treasury yields dented its appeal, although a risk-off sentiment in wider financial markets limited losses for the metal.

Sentiment in wider financial markets remained weak as economic growth in China slowed, while a relentless surge in oil prices fuelled concerns about elevated inflation.

However, the U.S. Dollar ended marginally in the red ahead and lent support.

However, lack of any major trigger kept the markets in a small trading band.

International gold prices have started stronger this Tuesday morning in Asian trade, tracking the weakness of the U.S. Dollar and easing bond yields.

Technically, LBMA Gold resistances are near $1790 and $1810. Supports are at $1760 and $1750.

Domestic gold prices could start stronger this Tuesday morning, tracking a positive start in the overseas prices.

Technically, MCX Gold December resistances are 47550 and 47750. Supports are at 47000 and 46850.

International silver prices have started stronger this Tuesday morning in Asian trade, tracking the weakness of the U.S. Dollar.

Technically, LBMA Silver range for the day is $24.70-$22.45.

Domestic silver prices could start stronger this Tuesday morning, tracking overseas prices.

Technically, MCX Silver December range for the day is 61200-64300.

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Source : Equity Bulls

Keywords

Gold Silver Commodities RelianceSecurities Bullion