(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are marginally in the red this early Wednesday afternoon in Asia, as positive data bolstered hopes for a quick economic recovery from COVID-19.
Meanwhile the dollar slipped to a two-week low, along with easing of bond yields capped downside.
However, the major trigger point for the market will be the Minutes from the Federal Reserve meeting expected to be released tonight.
So prices could consolidate ahead of the release.
Technically, LBMA Gold Spot is trading above $1740 level could move towards $1760-$1777 levels.
Domestic gold prices surged higher this early Wednesday afternoon trade, tracking the weakness of the Indian Rupee.
Technically, MCX Gold June has given a breakout above 46000, indicating a positive trend to continue up to 46700-47100 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.