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Gold - Feb 25, 2021 - Reliance Securities

Posted On: 2021-02-25 04:08:52 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading lower in choppy trading session this Thursday morning and early afternoon trade as elevated U.S. Treasury yields this Thursday continued to dampen gold's appeal as an inflation hedge.

Prices were down despite the U.S. Dollar continuing to struggle this Thursday morning and early afternoon trade as an assurance from the U.S. Federal Reserve that interest rates would stay low for a while.

Meanwhile, markets will look to cues from core durable goods order, jobless claims, pending home sales and most important of them all the 4th quarter GDP data from the U.S today.

Technically, LBMA Gold Spot is trading below 1800 levels indicating a sideways to bearish momentum upto $1784-$1775 levels. Resistance is at $1812-$1828 levels.

Domestic gold prices are trading weak this Thursday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Gold April is trading on a negative note and could continue its bearish momentum towards the support near 46300-46050 levels. Resistance is at 46700-46850 levels.

Strategy for Gold April for the rest of the session will be Sell near 46650, with a stoploss at 46800 and a target at 46300.

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

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