Gold price today 09-04-2021: MCX GOLD June should be bought with target of Rs 47400

Gold price today 09-04-2021: Anand Rathi Securities Fundamental Analyst Jigar Trivedi says that It has been a good week for gold buyers as MCX gold for the second straight week has gained sharply. Anand Rathi said that MCX GOLD June should be bought with a stop-loss of Rs 46800 and target of Rs 47400.

Anand Rathi said that Comex Gold held above the $1,755 an ounce level, the highest in five weeks, amid a weaker dollar in tandem with US Treasury yields, which retreated from more than one-year highs. Anand Rathi explains that the Federal Reserve reiterated expectations it would not taper anytime soon and that interest rates would remain low for some time, despite a stronger economic outlook.
Anand Rathi said that still, robust economic data from China and the United States and an accelerating vaccination rollout raised hopes for a faster economic recovery, capping much of the bullion upside momentum. Anand Rathi said that Correction may take place in the intraday buy overall sentiment is still bullish in the yellow metal.

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CapitalVia Investment Advisers says that the dollar declined as U.S. yields moved more down following a weaker than expected U.S. jobless claims report. Since the Fed is expected to keep rates lower for longer, yields at the long end of the interest rate curve have started to ease. Downside support is $1735 level, Resistance is at $1760 level. MCX Gold June has shown a positive movement and traded above Rs 46800 level. Gold futures basis the most active June 2021 Comex contract is currently fixed at $1756.50 after factoring in today’s strong gains of $14.90 (+0.86%), Resistance for the Yellow metal is Rs 47100 and support is Rs 46000.

Anand Rathi said that MCX SILVER May should be bought with a stop loss of Rs 66700 with target of Rs 67600.

CapitalVia Investment Adviser says that MCX Silver May has shown a positive movement and trade above 67000 levels. Silver basis the most active May 2021 Comex contract gained $0.28, and is currently fixed at $25.525. In both gold futures and spot pricing it was dollar weakness that partially supported higher gold and silver pricing. Resistance for the silver is Rs 68000, Support is Rs 66300 level.