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Gold - June 7, 2021 - Reliance Securities

Posted On: 2021-06-07 17:07:52 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading in the red on Monday afternoon trade in Asia tracking gains of the U.S. Dollar and benchmark treasury yields.

However, downside remained capped as investors' concerns eased that the U.S. Federal Reserve would tighten its current dovish monetary policy.

Meanwhile, downside also remained capped as U.S. Treasury Secretary Janet Yellen said that U.S. President Joe Biden's $4 trillion spending plan would be good for the U.S. even if it results in inflation that persists into 2022 and interest rate hikes.

Investors now await the European Central Bank's policy decision, due to be handed down on Thursday. The Fed is also scheduled to meet from Jun. 15 to 16.

Technically, LBMA Gold Spot could trade on Bearish note where support is at $1880-$1866 levels. Resistance is at $1893-$1900 levels.

Domestic gold prices are trading in the red on Monday afternoon trade, tracking overseas prices and weak demand.

Technically, MCX Gold August below 49000 could see a downside pressure up to 48760-48600 levels. Resistance is at 48900-49150 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.


Source: Equity Bulls

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