MCX Gold June should be sold at Rs 46700 with stop-loss of 46800 with target of Rs 46500, says Expert

Anand Rathi Securities Fundamental Analyst Jigar Trivedi says that MCX Gold June should be sold at Rs 46700 with stop-loss of 46800 with target of Rs 46500. MCX gold closed the week on a high note although on Friday bullion dropped by a half a per cent on account of profit booking, but it still closed the week with nearly 2.6% gains.
 
Anand Rathi said that MCX Silver too witnessed an almost same trend as it finished with slightly less than 3% appreciation. Major reasons behind the rally in the week gone by were the dollar index which drifted lower by nearly 1%, weaker bond yields and also Fed's dovish minutes. Surprisingly the holding at the SPDR Gold ETF, the largest gold backed ETF has reduced from 1,032.83 tonnes as on 2nd April to 1,026.07 as on last Friday.
 

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Anand Rathi said that the bearish trend in industrial metals dragged down silver. In the absence of any major economic data. It expects bullion to fall further amid rebound in the US dollar.
 
ICICI Securities says that Gold prices opened flat on Friday and corrected gradually during the first half of the session till a low of Rs 46314. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of Rs 46662.  Prices held near a more than one-month peak in the previous session, as a weakness in the dollar and Treasury yields offered support along with a surprise jump in US jobless claims. Hence, ICICI Securities says, it expects gold prices to remain positive towards Rs 47000 level in the short-term.