Gold - Feb 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rose by nearly 1% to $1810 per ounce on Friday. Gold April future contract at MCX were trading with 1% gains at Rs. 47220 per 10 grams by noon session.

Gold prices witnessed recovery on Friday with dollar decline and short recovery as gold prices are heading for second straight weekly loss. Gold prices halted declines near support levels as value investors may see a good opportunity to enter long. The traders and investors are awaiting for key US non-farm data to be released in evening session.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1830, support at $1780. MCX Gold April support lies at Rs. 46900 with resistance at Rs.47500.

Source : Equity Bulls

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