Gold - April 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are marginally in the red this early Wednesday afternoon in Asia, as positive data bolstered hopes for a quick economic recovery from COVID-19.

Meanwhile the dollar slipped to a two-week low, along with easing of bond yields capped downside.

However, the major trigger point for the market will be the Minutes from the Federal Reserve meeting expected to be released tonight.

So prices could consolidate ahead of the release.

Technically, LBMA Gold Spot is trading above $1740 level could move towards $1760-$1777 levels.

Domestic gold prices surged higher this early Wednesday afternoon trade, tracking the weakness of the Indian Rupee.

Technically, MCX Gold June has given a breakout above 46000, indicating a positive trend to continue up to 46700-47100 levels.

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Source : Equity Bulls

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