Gold - Feb 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices fell by 0.70% to $1847 per ounce on Tuesday. Gold April future contract at MCX were trading down by more than 1% at Rs. 48170 per 10 grams by noon session.

Gold prices declined on lack of progress over US stimulus package and in absence of fresh triggers. The traders and investors also rush to book some profits to avoid ant scrutiny after recent buying spree in silver prices over Reddit posts.

We expect gold prices to trade sideways to down with COMEX gold resistance at $1860, support at $1830. MCX Gold April support lies at Rs. 47900 with resistance at Rs.48600.

Source : Equity Bulls

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