Gold - April 16, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading flat this early Friday afternoon trade in Asia.

Better-than-expected U.S. economic data pushed treasury yields and dollar higher and capped upside, however, downside was capped supported by inflationary concerns over fiscal stimulus and low interest rates globally.

Markets will look to Building Permits and Housing Starts data from the U.S. tonight along with inflation number from Europe today evening.

Technically, LBMA Gold Spot is trading above 21 as well as 50 Daily Moving Average where breakout above $1755 could see a bullish momentum up to $1770-$1785 levels.

Domestic gold prices are trading weak this early Friday afternoon trade tracking the gains in the Indian Rupee.

Technically, MCX Gold June is trading below 46900 levels indicating a sideways momentum where support is at 46600-46400 levels. Resistance is at 47000-47200 levels.

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Source : Equity Bulls

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