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Gold - June 11, 2021 - Reliance Securities

Posted On: 2021-06-12 06:13:18 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading marginally above $1,900/ounce level on Friday early afternoon trade in Asia supported by a pullback in the dollar and lower bond yields.

Prices also took support after data showing a rise in U.S. inflation was viewed insufficient to adjust from the current easy monetary policy by the Federal Reserve.

Focus now shifts to Fed's June 15-16 policy meeting which could be a non-event for the markets.

Investors are also looking ahead to the Fed's Jackson Hole symposium scheduled from Aug. 26 to 28.

Technically, LBMA Gold Spot has bounced back from its 21 Daily Moving Average at $1887 levels and is trading on a positive note where breakout above $1900 levels could further take prices to $1908-$1916 levels. Support is at $1892-$1885 levels.

Domestic gold prices are trading marginally higher on Friday early afternoon trade, tracking overseas prices.

Technically, MCX Gold August is trading above 49200 levels and a sustained trade above could push prices further up to 49400-49700 levels. Support is at 49150-49000 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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