Gold prices are trading at a 2-month low as US consumer confidence index came in better-than-expected in June and is now at pre-pandemic levels. Gold prices remain under strong pressure as market participants are active sellers as yields for government debt instruments have seen an increase. Increased yields, along with dollar strength, were the contributing factors for lower pricing in gold on Tuesday. Higher short-term inflation expectations are not impacting the consumer mindset just yet. This week s two main headwinds are a stronger US dollar and higher US Treasury yields in the marketplace that is not seeing a lot of risk aversion. This is a good time for the dollar because the US is seen as the best place to be during the pandemic due to its quick vaccine rollout. Right now, gold bears have near term technical advantage as it managed to breach its support level of 46,600 in the MCX. The key to the future direction of gold will be Friday’s jobs report by the US labor departm
Trading strategies for gold and aluminum by Tradebulls Securities
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Brent may test $78 levels: Bhavik Patel of Tradebulls Securities
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