Gold - Outlook - April 6, 2021 - Reliance Securities
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International spot gold ended flat to marginally higher, while silver prices fell marginally on Monday as hopes for a swift economic recovery following strong U.S. jobs and services sector data bolstered gains on Wall Street.
Domestic gold and silver ended in the red on Monday, tracking overseas markets.
However, a softer dollar and softening bond yields limited the precious metal's decline.
International spot gold and silver prices have started higher this Tuesday morning in Asian trade, tracking the weakness of the U.S. Dollar which is moving in tandem with retreating Treasury yields from recent peaks despite signs of a robust U.S. economic recovery.
Technically, LBMA Gold Spot could continue its positive momentum up to $1739 and a break above could push prices to $1754 levels. Supports are at $1727 and $1715.
Technically, LBMA Silver Spot is holding above the support at $24.75 levels and could see some bounce back up to $25.65-$26.00 levels.
Domestic gold and silver prices could start higher this Thursday morning tracking overseas prices.
Technically, MCX Gold June supports are at 45250 and 45000 levels while resistances are at 45500 and 45750. Range for today's session is 45250-45750.
Technically, MCX Silver May ended below 65000 which remains a major hurdle for the market. Meanwhile support is at 63900 and a break below could pull prices 63000.
MCXBULLDEX April could trade within the range of 14100-14250 levels.
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