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Gold - March 3, 2021 - Reliance Securities

Posted On: 2021-03-03 08:50:27 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading lower this Wednesday morning and early afternoon trade as the U.S Dollar Index stabilized after yesterday's fall.

However, the U.S. 10-year treasury yields were weak this Wednesday morning and early afternoon trade and capped downside.

Now the question investors have to ask is whether the downside in bond yields is short lived or another beginning for the downside momentum.

We believe that signs of U.S. economic recovery from COVID-19 could lead to another slide in bond prices and in turn keep the upside limited in gold prices.

In the meantime, prices could track key data points like nonfarm payroll and ISM non-manufacturing PMI data this week.

A pre-cursor to the jobs data will be the release of ADP employment data tonight.

Apart from that, prices could also look to cues from Fed Chairman Powell's speech this week.

Technically, LBMA spot gold could trade in range from $1715-$1740.

Domestic gold prices are trading lower this Wednesday morning and early afternoon trade tracking overseas prices.

Stronger Rupee also weighed on prices.

Technically, MCX gold April contract could trade in the range from Rs. 45540-45125.

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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