Gold - Feb 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices continued downside with COMEX spot gold prices fell by more than 0.50% to $1825 per ounce on Thursday. Gold April future contract at MCX were trading lower at Rs. 47520 per 10 grams by noon session.

Gold prices traded with bearish bias for the day on stronger dollar while traders are discounting the effect of Jobless claim data to be released in evening session. The positive economic data and strong equity indices has pressured gold prices to trade weak.

We expect gold prices to trade sideways to down with COMEX gold resistance at $1848, support at $1800. MCX Gold April support lies at Rs. 47200 with resistance at Rs.47800.

Source : Equity Bulls

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