(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading weak this early Tuesday afternoon trade in Asia as U.S. Treasury yields spike supported by growing hopes of a speedy economic recovery from COVID-19.
Meanwhile, the U.S. consumer price index for March will be released later in the day. A survey showed that U.S. consumers raised their inflation expectations again in March and they are more positive about the job market.
Meanwhile, retail sales as well as industrial production data will also be released this which will be keenly awaited.
So, expectation of positive data tonight and this also weighed on gold prices.
Technically, LBMA Gold Spot support is at $1720 and a break below could pull prices to $1700 mark. Resistances remain at $1742 and $1755.
Domestic gold prices trading firm this early Tuesday afternoon trade.
Technically, MCX gold June supports remain at 46000 and 46200. Resistances are at 46650 and 46750.
Strategy for Gold June for the rest of the session will be buying near 46300 with a stoploss at 46100 and a target at 46600.
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.