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Gold - May 5, 2021 - Reliance Securities

Posted On: 2021-05-05 11:35:28 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading weaker this Wednesday in early afternoon trade in Asia after U.S. Treasury Secretary Janet Yellen said interest rates may need to rise.

Meanwhile, the dollar also rebounded this Wednesday in early afternoon trade in Asia and weighed on prices.

Markets could look to cues from the non-manufacturing PMI data and ADP employment change, a precursor to the non-farm payrolls from the U.S. tonight.

Investors focus also is expected to shift to April payrolls data due on Friday for further cues on the health of the U.S. economy.

Technically, LBMA Gold Spot resistances remain at $1783 and $1792. Supports remain at $1771 and $1766.

Domestic gold prices are trading with small gains this Wednesday in early afternoon trade, tracking a weaker Rupee.

However, weak overseas prices capped upside.

Technically, MCX Gold June resistances are at 47050 and 47200. Supports are at 46650 and 46500.

Strategy for Gold June for the rest of session will be buying at 46800 with a stoploss at 46700 and a target at 47000.

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.


Source: Equity Bulls

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