Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading weaker this early Wednesday afternoon trade in Asia as U.S. Treasury yields and the U.S. Dollar rose up ahead of a Federal Reserve policy statement later in the day.
Meanwhile, upbeat consumer sentiment data also weighed on the yellow metal.
Investors now await the Fed's statement, and the market will be looking for signals that maybe the Fed is starting to think about tapering or if they should taper.
Meanwhile, markets will look to cues from President Joe Biden first address to a joint session of Congress later tonight.
Technically, LBMA Gold Spot is trading on a negative note and a breakdown below $1765 could trigger a Bearish reversal in the counter and could pull prices up to $1750. Resistance is at $1774-1783 levels.
Domestic gold prices are trading weaker this early Wednesday afternoon trade, tracking overseas prices and a stronger Rupee.
Technically, MCX Gold June is trading below 47000 which pull prices up to 46600 levels. However,a bounce back above 47300 could see a bullish momentum up to 47550-47700 levels.
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