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Gold and Silver - July 9, 2021 - Reliance Securities

Posted On: 2021-07-10 05:52:36 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices ended lower on Thursday as Wall Street also recouped some losses, but a weaker dollar and concerns over a U.S labour market recovery kept bullion near a three-weak peak.

In other metals, international spot silver ended lower despite weak dollar.

Domestic gold and silver gave up gains to end in the red on Thursday, tracking overseas prices.

The Dollar Index fell and pushed spot gold to an intraday high at $1,818.10 earlier in the session, but a small rebound in the yields capped further upside.

U.S jobless claims surprisingly rose slightly last week to 373,000, above a forecast 350,000 applications in a poll suggesting substantial progress needs to be made for the Fed to raise interest rates and also lent support to gold.

International spot gold and silver prices have started weaker this Friday morning in Asian trade.

Technically, LBMA Gold resistances are at $1816.08 and $1829.60. Supports are at $1791.66 and $1780.76.

LBMA Silver resistances are at $26.159 and $26.412. Supports are at $25.729 and $25.552.

Domestic gold and silver prices could start weaker this Friday morning, tracking overseas prices.

On the domestic front, MCX Gold August supports are at 47451 and 47182. Resistances are at 48140 and 48560.

MCX Silver September supports are at 68507 and 68051. Resistances are at 69557 and 70151.

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Source: Equity Bulls

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