Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading with small gains on Tuesday early afternoon trade in Asia as the dollar weakened ahead of U.S. inflation data that could indicate when asset tapering by the U.S. Federal Reserve is likely to begin.
Rise in covid-19 cases, especially the Delta variant has also lent support.
Investors await the consumer price index for June, due later in the day, as well as the producer price index due later in the day.
Meanwhile, the New York Federal Reserve's monthly survey said investors widely expect the economy to continue its rapid recovery from COVID-19 over the next year.
Forecasts for inflation, earnings, income growth and spending all also increased in June, according to the report.
Meanwhile, investors also await the Fed Chairman Jerome Powell testimony before Congress this week.
Technically, LBMA Gold could trade in sideways to marginal upside momentum where support is at $1799-$1787 levels. Resistance is at $1813-$1822 levels.
Domestic gold prices are trading with small gains on Tuesday early afternoon trade, tracking overseas prices.
Technically, MCX Gold August holds a strong support near 47800-47600 levels. Resistance is at 47900-48100 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.