Gold - May 6, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading with gains on Thursday in early afternoon in Asian trade as the dollar and U.S. Treasury yields eased on Thursday.

Gold also took support after the reiteration of dovish comments from Fed officials. Charles Evans, Eric Rosengren and Loretta Mester expect monetary policy to stay super-easy for some time despite a recovery of the U.S. economy.

Investors now await April's U.S. monthly jobs report, including the non-farm payrolls, due on Friday. Initial jobless claims data for the past week is also due later in the day.

Additionally, the Bank of England is also expected to announce their monetary policy today and some forecasters could announce a tapering of its bond-buying programme at a meeting later, after vaccinations bolstered Britain's economic recovery.

Technically, Technically, LBMA Gold Spot could trade in a range of $1770-$1800 levels.

Domestic gold prices are trading with gains on Thursday in early afternoon trade, tracking overseas prices.

Technically, MCX Gold June immediate resistances are at 47300 and 47450 and a break above both could push prices to 47880. Otherwise, prices could move back to support of 47000 and a break below the support will again pull prices to 46730.

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Source : Equity Bulls

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