Gold - July 6, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices are trading higher on Tuesday early afternoon trade in Asia breaching the $1800/ounce mark supported by a weaker dollar.

Gold investors wondered about over the economic outlook before Federal Reserve minutes that will be scrutinized for clues on U.S. monetary policy.

The notes of the meeting should offer more insight on the inflation stance as well.

On the data side of things, markets could also look to cues from the U.S. Institute of Supply Management (ISM) non-manufacturing PMI for June.

Technically, LBMA Gold is sustaining above 100-DMA at $1789 levels above which could see a bullish momentum up to $1810-$1825 levels. Support is at $1793-$1779 levels.

Domestic gold prices are also trading with gains, tracking overseas prices.

Technically, MCX Gold August holds a strong support near 47550-47300 levels. Resistance is at 47800-47950 levels.

Strategy for Gold August for the rest of the session is buying on dips near 47600 with a stoploss at 47500 and target at 47800.

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Source : Equity Bulls

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