Gold - Outlook - April 7, 2021 - Reliance Securities
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International spot gold silver prices rose on Tuesday.
Domestic gold and silver rose on Tuesday, tracking overseas markets.
A combination of factors has contributed to gold and silver prices continuing to rise now for the fourth consecutive day.
U.S. Dollar and the benchmark treasury yields eased on Tuesday and lent support.
Another factor currently influencing precious metals price is officials at the International Monetary Fund backed the Federal Reserve's decision to be patient about pulling back its easy monetary policy stance despite the improved outlook for the U.S. economy.
In other news, Cleveland Fed Bank President Loretta Mester said the U.S. economic outlook is brightening, though the U.S. central bank should stick to its easy policy to support growth further.
However, SPDR Gold Trust fund said its holdings fell 0.4% to 1,029.04 tonnes on Tuesday from 1,032.83 tonnes on Monday.
International spot gold and silver prices have started flat to marginally weaker this Wednesday morning in Asian trade.
Investors are waiting for the minutes from the Federal Reserve's last meeting for more cues on its monetary policy.
Technically, LBMA Gold Spot has bounced back from 21-Daily Moving Average at $1727 level indicating a continuation of its positive momentum up to $1745-$1758 levels.
Technically, LBMA Silver Spot is holding above the support at $24.75 levels and could see some bounce back up to $25.45-$25.50 levels.
Domestic gold and silver prices could start flat to lower this Wednesday morning tracking overseas prices.
Technically, MCX Gold June supports are at 45550 and 45700 levels while resistances are at 46100 and 46350. Range for today's session is 45550-46350.
Technically, MCX Silver May supports are at 65300 and 64300 levels while resistances are at 66700 and 67900. Range for today's session is 65300-66700.
MCXBULLDEX April could trade within the range of 14250-14450 levels.
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