Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices were steady this early Tuesday afternoon trade in Asia as investors await the U.S. Federal Reserve meeting for cues on its monetary policy outlook.
Upside was capped as the dollar witnessed a rebound this Tuesday afternoon trade in Asia.
The Bank of Japan maintained its massive stimulus on Tuesday and projected inflation missing its 2% target for years to come, while new restrictions to counter a surge in COVID-19 cases clouded prospects of a fragile economic recovery.
Technically, LBMA Gold Spot range is $1770-$1805 levels.
Domestic gold prices were marginally weaker this early Tuesday afternoon trade tracking the strength of the Rupee and weak physical demand.
Technically, MCX Gold June supports are at 47350 and 47250. Resistances are at 47600 and 47800.
Strategy for Gold June for the rest of the session is buying on dips at 47350 with a stoploss at 47200 and a target at 47800.
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