Gold - Feb 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices kept lower trading range near $1835 per ounce on Wednesday. Gold April future contract at MCX were trading steady at Rs. 47884 per 10 grams by noon session.

Gold prices are trading under pressure on stronger dollar and rally in equity indices. The legislative hurdle to pass Biden's $1.9 trillion stimulus package has capped upside in precious metals. We expect gold prices to trade sideways to down with COMEX gold resistance at $1852, support at $1820. MCX Gold April support lies at Rs. 47600 with resistance at Rs.48200.

Source : Equity Bulls

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