(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.
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