Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading flat in a choppy trading session as the U.S. Dollar remained weak on Tuesday early afternoon trade in Asia.
However, trading volumes remained low as investors await a U.S. Federal Reserve policy decision for further clues on inflation and future monetary policy.
Investors also await the U.S. producer price index, alongside retail sales and industrial production figures, to be released later in the day.
Technically, LBMA Gold Spot broke below its 21 Daily Moving Average at $1887 level and now is trading at its support zone $1870-$1860 levels. However, if the support zone is broken, we could witness prices test $1852-$1844 levels.
Domestic gold prices are trading in the green in a volatile trading session on Tuesday early afternoon trade, tracking overseas prices.
Technically, MCX Gold August is trading below 48700 levels which could extend its Bearish momentum up to 48450-48100 levels. However,a recovery above the level could push prices to the resistance zones at 48800-49000 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.