Gold - Jan 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rose to $1835 per ounce on Monday. Gold February future contract at MCX were trading up at Rs. 48850 per 10 grams by noon session.

Gold prices witnessed short recovery after falling in morning with rally in dollar index. Gold prices have kept lower trading range on dollar buying while US bond yields remained fluctuated near 10 months highs. The US markets are closed today on account of "Martin Luther King Holiday" which may keep gold prices in range.

We expect gold prices to trade sideways to down with COMEX gold resistance at $1850, support at $1810. MCX Gold February support lies at Rs. 48600 with resistance at Rs.49100.

Source : Equity Bulls

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