Gold - Feb 16, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded marginal up with COMEX spot gold prices were trading near $1820 per ounce on Tuesday. Gold April future contract at MCX were trading higher at Rs. 47400 per 10 grams by noon session supported by rupee depreciation.

Gold prices were supported by weaker dollar. The dollar index was down by 0.17% in the noon trade boosting buying in yellow metal. The traders and invests are awaiting for fresh triggers to get bullish momentum in gold prices.

We expect gold prices to trade sideways to up with COMEX spot gold support lies at $1800 and resistance at $1840. MCX Gold April support lies at Rs. 47100 and resistance lies at Rs. 47600.

Source : Equity Bulls

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