Gold - Feb 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading near $1780 per ounce on Thursday. Gold April future contract at MCX were trading up at Rs. 46404 per 10 grams by noon session.

Gold prices halted five day slide on Thursday on mixed global cues with profit taking in equity indices. Precious metals traded under pressure with rise in bond yields and stronger dollar. The risk on sentiments drove investors out of yellow metal after positive US retail sales data.

We expect gold prices to trade sideways to up with COMEX spot gold support lies at $1760 and resistance at $1800. MCX Gold April support lies at Rs. 46000 and resistance lies at Rs. 46700.

Source : Equity Bulls

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