Gold - Feb 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading marginal down near $1810 per ounce on Monday. Gold April future contract at MCX were trading at Rs. 47216 per 10 grams by noon session.

Gold prices traded under pressure with rally in US bond yields and stronger dollar which diverted investors focus from yellow metal to riskier assets. Gold prices traded up from support levels on disappointing US payroll data and stimulus hopes. Gold prices also got support after US senate approved budget resolution paving the way for another covid relief package.

We expect gold prices to trade sideways to down 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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