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Gold - Outlook - April 6, 2021 - Reliance Securities

Posted On: 2021-04-05 22:33:51 (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.

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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