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Gold and Silver - July 14, 2021 - Reliance Securities

Posted On: 2021-07-15 03:46:01 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver surged higher on Wednesday after U.S. Federal Reserve Chair Jerome Powell reassured investors that the central bank would continue its accommodative monetary policy despite a spike in inflation readings.

Domestic gold and silver prices also ended the session with solid gains on Wednesday, tracking overseas markets.

Powell, in prepared remarks before a congressional hearing, said the U.S. job market is still a ways off from the progress the Fed wants to see before reducing its support for the economy, while current high inflation will ease in the coming months.

The dollar turned lower on Wednesday after the statement and lent support.

Investors on Wednesday also cheered comments by European Central Bank (ECB) officials that the central bank would not tighten too early.

International spot gold and silver prices have started flat to marginally higher this Thursday morning in Asian trade supported by a dovish Fed.

Technically, LBMA Gold has given a sharp breakout where above $1825 level will continue its bullish momentum up to $1834-$1842 levels. Support is at $1820-$1813 levels.

LBMA Silver above $26.40 level will continue its Bullish momentum & further could see $26.65-$27.20 levels. Support is at $26.10-$25.70 levels.

Domestic gold and silver prices could start flat to marginally higher this Thursday morning, tracking overseas prices.

On the domestic front, MCX Gold August has crossed 48000 levels with increased in volume activity where if sustain above 48200 could see upside momentum up to 48370-48500 levels.

MCX Silver September above 69000 levels could see a Bullish momentum up to 69900-70900 levels. Support is at 68900-68000 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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